Nickel Mines hits 7-month high, extends gains on deal with Shanghai Decent

Pacific Nickel Mines

23/11/2021 04:58

** Shares of Nickel Mines Ltd  NIC.AX  rise as much as 5.8%
to A$1.36, hitting their highest since April 12
    ** The nickel pig iron producer extends gains on MoU with
Shanghai Decent Investment to buy 70% interest in Oracle Nickel
project with Indonesia Morowali Industrial Park  urn:newsml:reuters.com:*:nASX3xW9Nv
    ** Stock on track for a fifth day of gains
    ** Brokerage firm Jefferies raises PT on Nickel Mines to
A$1.50 from A$1.15 and upgrades rating to "buy" from "hold"
    ** Jefferies says value of the oracle project has not been
fully priced into the stock, sees further value in ongoing
collaboration with Shanghai Decent
    ** Nine of 10 analysts rate the stock "buy" or higher and
one "hold"; their median PT is A$1.4 – Refinitiv data
    ** As of last close, stock up 16.3% this year, as of last
close

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))