it’s a hedge, they sell x amount of tons in advance at a certain...

it’s a hedge, they sell x amount of tons in advance at a certain price when they believe the price is high, if the price continues up x amount is locked in at that price which means the hedge has capped that amount of tonnage from realising those extra gains, but if the price falls they will still realise the higher price for that amount of tonnage. Tsingshan do $40b in revenue so at $20k a ton that would equate to 2m tons…obviously not all their rev comes from Nickel alone but even if 25% of their revenue is nickel that’s still 500000 tons so to hedge 20-50% of 1 years production isn’t so crazy. There is no need to worry here, the hedge does not have any baring on NIC who are well funded running a profitable and growing business.