Here is an interesting research article from Mirabaud mining...

Here is an interesting research article from Mirabaud mining research, giving a price target of 80 pence. Hope they are right!!

This is dated 30 Nov 11.....

Acoje takes centre stage

With the recent divestment of the Çaldag project in Turkey for US$40, ENK now has the balance sheet strength and management focus to advance development work on its Acoje nickel project in the Philippines.
A recent site visit to the project revealed two important changes will be incorporated in to the definitive feasibility study (DFS), which is scheduled for completion in Q2 2012. The enhancements have prompted us to adjust our mine model to reflect received prices of 80% of the LME nickel price and 65% of the LME cobalt price, a substantial improvement on our previous payability assumptions of 76% and 35% respectively. We have also increased our metallurgical recovery assumptions to 90% for both nickel and cobalt (previously 74% and 64% respectively). Crucially, process enhancements will also allow a staged development of the project, significantly reducing project financing and execution risks to first production. We believe capex of US$170m will be sufficient to achieve initial production of 13.5ktpa contained nickel product with subsequent expansion lifting output to over 25ktpa.
Our revised valuation is 80p. Underpinned by net cash of US$45m following the sale of Çaldag, we believe the shares have an exceptionally attractive risk-reward profile. Buy.