A few changes to the portfolio:

• Yesterday I bought 28,000 Panoramic Resources (ASX:PAN) at A$0.205 doubling up my holding in this interesting nickel play
• Having sat on my hands for months watching it rise, I have just sold half my holding in Caledonia Mining (London: CMCL) 2500 shares at 113p. The company is set to grow production to over 75koz per annum by 2020  at AISC of US$950/oz which would give it annual EBITDA of over US$25m per annum. Arguably that means it still looks very cheap on EV/long term EBITDA of less than 3x and recent statements suggests the development of the deeper levels is very much on track. Nevertheless, located in Zimbabwe with a complex ownership structure (to comply with Zimbabwe’s 51% indigenisation requirement) political risk remains a key consideration as does a fairly limited reserve life (mine plan is based partly on inferred resources). More to the point, I was up 162% in less than a year and that seemed to me a good to time take at least some money off the table

The value of the Contrarian Portfolio currently stands at £159,388 with £8,269 in cash.