Nickel Mines hits over 3-month high, says Indonesia project ahead of schedule

Pacific Nickel Mines

17/11/2021 04:57

** Shares of Nickel Mines  NIC.AX  rise as much as 6.4% to
A$1.16, hitting highest since July 28
    ** Co says production of first nickel pig iron at its Angle
Nickel Project (ANI) within Indonesia Weda Bay Industrial Park
is expected in Q1 of 2022  urn:newsml:reuters.com:*:nASX18pkRR 
    ** Says production is ahead of the October 2022 contract
delivery date 
    ** Adds that it expects the first four ANI rotary kiln
electric furnace lines producing nickel pig iron by June 2022
    ** Brokerage Jefferies raises PT on NIC to A$1.15 from
A$1.10 
    ** Jefferies says ramp up of Angle nickel project will
spread earnings profile of co across two separate industrial
parks in Indonesia 
    ** Brokerage adds that ahead of schedule completion will
increase co's FY22 earnings forecast
    ** Stock is among the biggest percentage gainers on the ASX
200 index  .AXJO  
    ** Eight of 10 analysts rate the stock "buy" or higher and
two "hold"; their median PT is A$1.04 – Refinitiv data
    ** Stock has fallen 1.4% YTD, as of last close

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