NIC -4.75%: briefly traded to a 4 month low early in the session before the ASX halted trading in the shares just before 11AM. Major shareholder Tsingshan has been short at least 200koz of nickel forcing the price significantly higher in the recent sessions with fears it would send the company into default and cause a significant overhang on Nickel Mines shares. Tsingshan is also a customer and joint venture partner with Nickel Mines, and is also on the verge of receiving another batch of NIC shares for a stake in the Oracle Nickel Project. The ASX queried the price movement today giving Nickel Mines the opportunity to ally some of the market’s fears. It said no operations had been impacted, nor a change to any Tsingshan’s intention to take shares or Nickel Mine’s nickel pig iron as contracted.
MM is cautiously bullish NIC
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