Problem with Palamin is their huge hedge book. They aren't capitalizing on the high prices of metals, and won't for the next few years. Buying out the hedge book is not and option at the moment due to its sheer size. Not much going for investors as far as I'm concerned. omo
OMO - PAM is in a bottoming-up phase, and at a PE of 3.68, I'd say buy or at least hold. Any weakness from current prices would be a buying oportunity for me. It's quite volatile because of poor liquidity, but I say there's some money to be made - hedge or no hedge - they're making fine profits!