Column 1 0 Game changing acquisition of Black Swan will get Poseidon into the nickel gamePoseidon Nickel (POS target A$0.60/sh, NPV A$0.70/sh, up from A$0.52/sh) has purchased the Black Swan mine and processing plant from Norilsk for an undisclosed consideration, which can be accommodated without share issuance. Black Swan has a 2.2Mtpa nickel concentrator which could be ready to operate by December 2014, giving POS a low cost fast channel to the nickel market, independent of any tolling agreement with a third party. We have assessed a number of development options, all of which have NPVs on consensus prices of between A$0.48/sh and A$1.65/sh. As a result, we have lifted our price target to A$0.60/sh (prev A$0.30/sh).
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