I'm reading between the lines here so take my view with a grain...

I'm reading between the lines here so take my view with a grain of salt:

Think perhaps some of the bigger funds tend to have some skepticism around NIC based on cpl factors:

- Relative opacity of ownership and funding arrangements with a both Chinese and controversial company (Xiang Guangda lest we forget)
- Some confidentiality around earnings for some of their products
- Nickel not exactly in a bull market and struggling to see how they could boost revenue which is relevant cos...
- NIC have gone pretty damn big with the ENC which is a project that has basically never succeeded in Indonesia (this part of a way bigger play by Tsingshan if you look at their recent battery deals and engagement in Chile)
- Committing to big ambitious spends to evolve the business rather than simply make it bigger

Think the line @ccdavid raises "do your own calculations" pretty important as i read it along with unanimous decision of the board to go big on ENC as the corporate way of saying like a sport team in finals 'they never fkn backed us in but we always believed we could do it'. I would also probably say there was a bit of a backhand reference to NIC getting shorted that led to our price destruction a while back (thanks L1).

My basic view is this was a great quarterly as it demonstrated how switched on these guys are at becoming more efficient and driving better profits even in a not exactly bullish climate. But they arent just doing this to pump truckloads of low value nickel; its to generate money, along with debt, to fund an evolution into a more sophisticated and diversified global nickel business.

This is already too long but yeh basically NIC is a bit different and theyre aiming big in a way that I dont think makes everyone comfortable. Personally i rate this team and think Tsingshan unlocks opportunities for this business to evolve into something big and unique.