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Fyfe, James (IWM)

From: Keys, Ian (IWM)
Sent: Wednesday, 3 September 2014 10:24 AM
Subject: Edge Specia ! "E#$ %&''IS( )ic*e ! %&$ SI#, %&$ WSA +,,
SALES COMMENTARY NOT RESEARCH

Good Morning

Sirius is an outstanding BUY and Western Areas will also rally as press reports suggest tat !len"ore as #ade a
$or#al o$$er $or Ni"%el West &aluing it at '()*+',-*#.

Andrew McKenzie as recently as yesterday spoke of a complex business very integrated with a number of other
nickel operations in WA Well the traditional suppliers to the business featuring the Kambalda !lub of M!"# $G% and
&A' are light on supply# the 'ickel price would have helped them to gain value out of lower grade stockpiles or
mines ()* the only way to fix the problem and gain value for a vertically integrated 'ickel company would be to
secure supply+, W-A have their .inchuan offtake agreement ending in /ecember and -irius 0A12 over a decade of
high grade feed that is )'!%'*"A!*2/+,
https344au,news,yahoo,com4thewest4business4wa4a456789:;54nickel<west<too<complex4

/o te 0ilippines li%e te do#esti" integration o$ pro"essing in 1ndonesia23 A senator in the &hilippines
parliament has proposed an amendment to the 9==: mining act to force mandatory domestic processing of all
mineral ores, *his is the largest exporter of laterite ore which is the main feed stock for the 'ickel &ig $ron industry,

S1R as te resour"e upside and WSA is te one to play i$ you need to see istori"al pro$it and di&idend growt.

"egards

.ames and $an
>? =977 56:9




Ian Keys, Financial Adviser
Morgan Stanley Wealth Management
120 Collins Street
Melbourne, 3000
Phone: +61 3 9188-2451
Mobile: +61 4345-68902
Ian.Keys@morganstanley.com


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