Interesting little company. Did a series of asset swops to leave them with half of the 4th largest Nickel deposit in the world.
The deposit itself is in the Philippines has been known about for 30 years but due to low prices and lack of demand in the Far East it was never exploited. With the explosion in demand from India and China the nickel price has climbed from $2 to $6.50 but oddly enough is still considered low.
The final approval stage for exploitation is just about to be approved and extraction will begin. The company already has one contract with a Japanese smelter and is in discussions with smelters in a series of countries.
Nothing clever about the operation, as the ore is of sufficiently high grade, they dig it up and ship it out. Infrastrucure is already in place for operation.
TMC is currently priced at 18m, the initial Japanese contract is worth 4m and each additional contract will hopefully be at this level or greater.
Final approval turns the company into a producer and each additional contract simply increases their size.
The management is tight with cash and has some good quality mining skills onboard.
The Philippine government is fast tracking the final approval and the company says it expects it shortly.
One to hold for approval and through the series of RNS's as more contracts are won. Company should be worth 50m in 6 months and 100m in 12-18 months.
Buy it, ignore it, just pointing this one out.

Surprised no one posted latest news update
http://www.pse.com.ph/html/disclosure/pdf/2007/pdf/dc2007-1677_AT.pdf
cyril

Halifax, never mind 2 per share. A 1billion offer would be worth over 30 per share. We dont want an offer just yet. Wait until we have a proven track record, some growth and possibly a joint venture. Vat leaching with the full MPSA in place would bring us real value. Our share of total resource would be circa 20billion over a 30 year period. That is 22 per share per year. WHAT IS THAT REALY WORTH. A lot more than 2.

Nice all blue so far. Price rising MM's must be short of stock, If you don't sell to them the price keeps rising, when will people learn. Keep buying and watch it grow.

I said there was another buyer in the background, AXA have increased their holding.

I agree, this stock is way undervlued. 2 pounds is peanuts for such a stock, it is worth way way more. At some stage i'm sure this will be taken out by a major player. There are a number of majors currently seeking takeover targets in the Phillipines. I'm sure this is on some radars.

2 is a long way from my target price merely pointed out SP is on the way to that level. Am I mistaken but are MMs showing buys as sells today as these are being inserted on a time basis after they have moved the spread upwards? I have increased my holding in anticipation of news regarding shipment progress.

Almost 99% buys today.
Will be looking to hold until at least 5 on TMC. I increased my holding this morning and the new ones are already in profit same day including costs.
Any attempt for a buyout less than 5 can forget it.
With two other sites in Phillipines being developed I can see 5 as the absolute minimum even if the crazy price of nickel falls.
Production will increase with the conveyor belt and contracts coming on line.

TMC plan to ship 1 million tons this year. In my estimation that will yield a profit of around 20M, with 28M shares in issue and a pe ratio of 10, that would give us a share price of around 7.00.

4 x 25,000 shares gone through at 10p below the spread. I have a hunch that these are institutional buys and not sales. Are we being conned again? Having said that, at +15.5p so far today I,m reasonably happy.

If you look at the timings of those trades you will notice that at the specific times they were bought were at market rates.

Even though TMC is up 17 points so far, this is a long over due correction. I'm not jumping for joy yet. This will continue to rise to much greater levels.

Watch out mm's are preparing to drop the sp to pick up traders shares.

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=TMC:LN&sid=auCCYVlID.Ms

Must say glad im in !! :)

smiler, nice post, nickel up 13% to 24,745 per ton. I've been in this one for 2 years now and at last we seem to be making progress. Take over bid is too early in my book, but then we have to take whats coming.

yes interesting times ahead !! :)

Of Interest

http://fxtrade.oanda.com/resources/ubsnews/newscontent/134544.shtml

Sumitomo Metal to boost nickel production by 2013

Independent today:

The AIM-listed Toledo Mining was 12.5p better at 185p, as speculation mounted that it is poised to confirm a deal with BHP Billiton to supply the mining major with its entire nickel output.

Still agree with the other side that it will be 500,000 of the higher quality not all the Limonite. But still great news!

Now thats what I call taking the p.ss. 39,000 bought 44,000 sold, for a 5,000 share trade deficit they take 8p off the price. Watch the mindless leemings sell out, due to unneccessary panic, only to find tomorrow they are locked out unless they put their hands deeper into their pockets.

During the time I posted the last post, trade deficit dropped to 21,000 and sp down 11p. Morons.

Almost recovered in late trading after 25,000 all blue trades. Minus 2.5p on the day so far. I want a good finish in the last hour, so that all the morons that sold out, are left out, and we can then concentrate on some steady growth by keeping our holdings and making the mm,s sweat a bit.