consolidating nicely was always going to be a 18month play with...

consolidating nicely was always going to be a 18month play with share price getting ahead of itself while UK institutions were taking positions for medium term outlook.

looking at the millsell numbers cant quite work out why they got 25% over budget in chrome production yet only producing 348 4E. extrapolating the chrome numbers we can assume they are getting througput through the chrome washing but dont seem to be getting the throughput through the pgm washing as we would be looking for 1000-1500 (base case stated 600) for stated head grade and CTRP equivalent recovery rates.

steelport still the bigger play with double production of millsell and slightly higher head grades.

still looks solid i suspect once the plants settle down we will hit the production numbers, they are stating they are above budgeted so assume there are a different set of numbers budgeted for rampup.

i have reassesed the numbers and modified my outlook to $4/share by mid/late next year, originally i was thinking 1500 production from millsell now looking for 1000.

having nothing in my valuation for mooiplats yet still dont know the full picture and it is 2009 timeframe anyway.