credit rating downgrade, page-103

nyc, the problem is not with resource stock per se.

The problem is with nickel or more precisely the Chinese (largest stainless steel producer in the world) have found a viable substitute that is NPI.

Even the highest grade / lowest cost producer in the world (such as WSA) is a shadow of it's former self.

Problem is NPI resulting in nickel price (even in an unbalanced market tilting to shortage) CAPPED. There can be no nickel boom like there used to be. When nickel price goes up, countless NPI factories start producing again. As nickel price plummets, these marginal producers shut down.

The Chinese have perfected low energy and low polluting techniques (at least acceptable by Chinese standards) to make low grade nickel from NPI. Cheap laterites can be sourced from anywhere cheaply.

So don't walk away angry about mining shares. The timing and the cycle, debt, nickel price, offtake customers calling it a day and some suspect bad management are all to blame.

Good luck with future.