Macquarie upgrades TP Maintains Outperform, page-4

I think you hit the nail on the head re: nickel price,as this is an unhedged company. But I am one (and I think many of us are) are of the view that the nickel price will remain buoyant and steadily increase. The Indonesia ban looks set to stay in place and with the escalation in Russia, we could be on for a nickel price spike. The full year profit remember is coming in on the back of a 20+ million loss the year before, not to mention that the full year profit includes nickel that was sold when nickel prices were at historic lows. In that regard, this is a very good result. There is a lot of exciting news to come out of Mincor, so while i take your point re: p/e, I think it is more than justified when compared to its peers.