news flash nickel prices, page-20

i don't reckon there will be any dividend this year...MRE (and Glencore) need a growth strategy...all cash will be used for that purpose, whether it is reactivating heap leach expansion (last costed at $300m) or looking at other projects (they were prepared to buy RNO). don't forget that the 3 year shut is due this year which will require a fair chunk of capital, last one was at about $100m if i remember correctly...so, if you are talking $150m profit this year, plus $250m cash in bank equals $400m less $300m heap leach expansion less $100m shutdown costs equals $0 for dividends