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Nickel Industries Faces Key Concerns of Geopolitical, Regulatory Risks, Says Jefferies

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Nickel Industries (ASX:NIC) is facing key concerns of geopolitical risks and Indonesia's unpredictable regulatory environment, according to a Thursday Jefferies note.

The company reported second-quarter ore production of 4.1 million wet metric tonnes, up 4% from the first quarter, according to an Australian bourse filing on July 28.

Weak cash conversion may require financial support from shareholder Tsingshan Holding Group to complete the $169 million acquisition of PT Teluk Metal Industry, the note added.

Jefferies kept a hold rating on Nickel Industries and cut its price target to AU$0.90 from AU$1.05.

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