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.

Yep, They couldn't buy 18.7% of shares at 200p on the market.

We shouldn't see 200p before any bid. I think 180 is a reasonable short term target.

Nickel price in China slips due to weakening demand - 29 May, 2008

Interfax China reported that decreasing nickel demand from stainless steel mills have raised market speculation that domestic nickel prices will continue to slide.

China's largest nickel and cobalt producer Gansu Jinchuan Group cut its price for 1# refined nickel by CNY 10,000 per tonne to CNY 208,000 per tonne on May 21st 2008. Jinchuan has dropped its nickel price three times in May 2008 alone. On May 8th 2008, it cuts its nickel price by CNY 7,000 and on May 15th 2008, by a further CNY 10,000.

The price of 1# nickel on the Yangtze River Nonferrous Metal Spot Market fell by CNY 1,250 to CNY 198,750 per tonne while the three month nickel price on the LME ended up 3.21% higher to USD 24,100 per tonne.

Moreover, nickel pig iron producers are finding it difficult to maintain profitability as nickel prices have taken a tumble this year. Nickel pig iron is used as a substitute for refined nickel in stainless steel production when nickel prices become too high and uneconomical for steel mills. A large amount of low grade nickel pig iron capacities came online in 2007 as Chinese stainless steel mills were not able to afford nickel prices, which were at a high at the time.

Mr Cao Kejun business manager of SUMEC International Technology Company Limited said that "Many domestic nickel pig iron producers have stopped production due to low consumption by the stainless steel market. Our sales volume of nickel pig iron has fallen this year and our company still has large nickel pig iron stockpiles."

http://steelprices-india.com/news/index/2008/05/29/MTI4OA%3D%3D/Nickel_price_in_China_slips_due_to_weakening_demand.html

no good reason to dive back in here at all ..... chart is bleak and has a stern resistance at about 130 too.

Yes don't suppose we will be joining oilyrag for dinner in Monte Carlo anytime soon!

This is terrible

This is due to ramping in the past. At 20p, I think I wouldn't even venture in it.