Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

Royal Nickel Corporation

(RNX – Toronto) 



Price Range:


Shares Outstanding
Fully Diluted:


Market Capitalization




Royal Nickel is the unknown but more formidable sister company of Diamond Field.

In August 1994, Diamond Field exploded from $4. to $200. It created a revolution in the Canadian stock market – like Tessla today.

From Diamond Fields to Royal Nickel’s Dumont

August 1994 the price of nickel was $3.00 per pound and nickel was considered a secondary metal.

The volatility of nickel is best illustrated with an article I wrote, “Arrival of the Nickel Billionaires.”


People like to read about going from rags to riches. Diamond Fields Resources entered my life when I met Robert Friedland of Ivanhoe Mines Ltd. in 1994 at the in the Carlyle Hotel in New York City - the man who put Mongolia on the map. He had this small diamond company in Africa, and he asked me to write a report after visiting the company in West Africa. The price capitalization of Diamond Fields at that time was about $60 million. He invited me to visit Vancouver to meet his partner, Jean Boulle, an African-born mining engineer, who actually spent most of his working life in the Belgian Congo ( Democratic Republic of Congo ) working for De Beers. John Boulle and I entered the Carleton Restaurant at the Four Seasons Hotel around 8 o’clock and when I came out of the Carleton Restaurant around midnight, my life changed. I have tied my future to nickel, which is somewhat unusual step for a Hungarian-born, Cambridge-educated mathematician. The nickel industry in America was controlled by Maurice Templesman, chairman of Lazare Kaplan and boyfriend of Jackie Kennedy. He belonged to the American aristocracy. He was friends with the Kennedy family, and encouraged Friedland in his various ventures.



Share Structure:


 Basic Shares Outstanding:

94.4 million

  Options (average exercise price: C$0.67)

4.5 million

  Deferred / Restricted Share Units

2.1 million

  Contingent Shares

7.0 million



 Fully Diluted Shares Outstanding:

108.0 million



 Directors and Officers Share Ownership

≈ 9%

 Largest Shareholder –


  RAB Special Situations (Master) Fund Limited




Balance Sheet Highlights:


  Cash and Cash Equivalents

C$11.9 million

  Current Tax Receivable

C$ 3.3 million

  Working Capital

C$13.5 million

  Market Capitalization

C$49 million

 Eighteen months later, Diamond Fields was sold for $3 billion, and it became a mining prodigy and a company which has made history with his dramatic entry into the billionaires club. Because of its assets and the colorful personality of its two co-chairman they managed to garner support, in Canada, New York and London. Diamond Fields was a nickel company, but it was a phenomenon. It was a mining prodigy and a corporate prodigy. In the somewhat boring years during the early 80s , the stock market when gold was $280, Robert Friedland has created enormous enthusiasm with securities analysts and investment bankers. He also provided tremendous profit for its stockholders. The stock went from $3 to $200.

I knew CS First Boston because many years before I wrote a report on the company by interviewing George Shinn, the chairman, and ever since I was benefiting from the new issues of this famous company. John Boulle and I entered Mr. Hennessey’s office and 18 months later, this unknown company became a $3 billion entity.

Actually, the company was sold in a way which I personally recommended to John Boulle. The expression was the salami technique. The technique is selling a product piecemeal like salami.

I was very proud of this expression, actually everybody liked it, but nobody knew that the expression came in Budapest from Mr. Khrushchev after the Hungarian Revolution. Mr. Khrushchev stated that people who eat salami, people who have a full stomach, don’t make revolutions. This remark actually worked in Diamond Field’s case, cut it to pieces, sell it higher and higher, nobody complained, everybody was happy, and all the stockholders were eating salami with a full stomach.

Royal Nickel came into my life through the telephone call of a very charming and very talented corporate communications man, Robert Buchanan.

While I don’t know at this stage the directors and officers of Royal Nickel in order to compare them to Jean Boulle, the co-chairman of Diamond Fields who has done such a remarkable job. He created about 12 people, so-called friends of the family, from Haymarket, First Marathon, Margo Naudie, the money manager, the golden legend, Robert Friedland and myself. We formed a group of individuals together who supported Diamond Fields, but at the same time we represented the spirit of revival of the whole mining industry.

I must frankly say that it would be nice to see similar attitudes in the current management of one of the world’s largest nickel discoveries as they approach the world stage.

Anyhow Royal Nickel is a nickel company. It ‘s stock is selling at 70 cents, which with 94 million shares outstanding, represents $66 million.

Diamond Fields had a $60 million market cap in August. However, there is a distinct difference between the two companies immediately. In August 1994, the price of nickel was $3. Today it’s $9. Nickel is a volatile company, but at the same time, it is a necessary element.


Nickel – “From Worst to First”

Nickel has been the best performing base metal in 2014

LME Base Metals Prices
2014 YTD Change
(as of April 14)















 Based on the price comparison alone, we can start calculating that 100 million shares of Diamond Fields at $200 would be at least $2 billion. It was sold at $3 billion. If you divide equally the 94 million shares of Royal Nickel with $3, the price equivalent would be a staggering $3 a share.

Furthermore, in August 1994, Diamond Fields had no money. Its first sale of 10% of the company was to TECK, a Canadian giant mining company for $100 million.

In contrast to Diamond Fields, Royal Nickel is already trying to raise $1.2 billion, the required capital for the construction of the mine. The experts in the mining industry know that in addition to various permits and the right management, the most important factor is raising money as a mine can only produce income if it’s constructed and the products are delivered.

The pro forma numbers describing Royal Nickel are illustrated in the Table Y. Superimposing on the pro forma statement are the fundamentals of the nickel industry.

Nickel prices could return to the 2006-2007 ranges of $30,000 to $50,000 per tonne ( metric tonnes ) as prices would force the demand in line with available supply. 



There are few alternatives for high grade laterite ore outside Indonesia. RNC estimates that the Philippines could supply a maximum of 5-10 Mt of high grade ore (10-20% of current Indonesian exports) and New Caledonia only exports ore to partners in Japan and Korea.

World Saprolite Resources (Mt Ni contained)

Indonesia                         1.7 – 1.8%
New Caledonia
Rest of World

The extra factors which we have to take into account, the so-called Indonesia-China issue, which we illustrate in Table 4.


China & Indonesia – An important relationship

China NOT Self-Sufficient in Nickel

China to struggle to replace Indonesian ore as nickel is one of the metals in which China is least self-sufficient 

Chinese Self-Sufficiency

Mine Supply as a % of Demand (2012)

Platinum / Palladium

< 5%





Iron Ore (62% Fe-eq)




Aluminum (Bauxite)






We should then look at the current performance of nickel. According to published sources, nickel is the number one metal, up 25% in 2014 as opposed to the decline of copper of 10%. 

The above number indicates that a commodity player is likely to be in nickel as opposed to some of the other metals.

China is the largest consumer of commodities which includes nickel. The self-sufficiency of China in nickel is almost as small as their self-sufficiency in platinum and palladium. See Table 10. We should observe that the oscillation of palladium is noticeable in the market. In fact, it is an excellent trading vehicle in the supply elimination game, and nickel is volatile enough that every day it is one of the most actively traded commodities. Yesterday gold and soybeans, tomorrow nickel. Correspondingly, there is no reason why nickel shouldn’t follow palladium as the world demand for commodities is growing.

In the last few days, the London Financial Times stated on many occasions that the commodity boom is about to make a comeback. In fact, they stated that the commodity market in 2014 is where the stock market was 20 years ago. The stock market appreciated during that 20 years phenomenally.

The potential supply is clearly illustrated in Table 5. Demand is much larger than supply and obviously the gap between the two could lead to much higher prices, much more than $9. If, for instance, in 2015, the price of nickel reaches $15, it would be five times the price of that in August 1994 and would represents substantial profit to the leading nickel producers like RNC.


  In nickel production over 33 year project life

$427 M
  Annual EBITDA over first 20-years

  Annual free cash flow over first 20-years

Chart the supply demand forecast is illustrated in Table 6.


RNC’S Dumont Nickel Project: A Billion Dollar Opportunity


Total Contained Nickel Mineral Reserves


By Top Five Deposits


Talmyr Peninsula (Norilsk)




Dumont (Royal Nickel)

3.1 *

Murrin Murrin (Glencole)


Soraoako (PT Inco)


 *Third Largest Nickel Reserve in the World

With this in mind, we consider the Dumont nickel project, a billion dollar opportunity. We are putting in tables of projections and the numbers which could, perhaps be overstated but look phenomenal – there may be some exaggeration here , but the numbers speak for themselves. Dumont is a strong enough project that such figures can become reality.

It is interesting to look at the vital figures of nickel reserves and nickel production. Even though the giant Russian nickel company may produce 234 million tons per year and Dumont could only produce 47 million tons per year, the capitalization of Royal Nickel is so much smaller than Norilsk, the Russian nickel producer, that factor makes Dumont a formidable player on the stock market. Vale, the giant Brazilian nickel producer, owns, of course, International Nickel. It can produce 65 million tons from its Sudbury operations versus Dumont’s 47 million tons , but nickel represents only about 10% of Vale’s revenue and this makes the leverage to nickel vastly in favor of Royal Nickel .

In summary the capital intensity is much lower at Royal Nickel than that of some of the other giants. It is because of the enormous reserves Dumont has as well as the favorable geopolitical area where the mine is located that the calculation of the value of a company for future decades must take into consideration the low capital intensity of Royal Nickel.

If you compare the leading nickel producers in Canada in terms of production Voisey’s Bay is leading with 87 Million tons in reserves with Dumont 51 Million tons annual production in as number two as illustrated in the following table.


Dumont initial capital intensity is much lower than comparable large scale nickel projects.



$US 000 s/t Ni


DUMONT (Canada)


Santa Rita (Brazil)


Kevista (Finland)


Barro Alto (Brazil)


Onca Puma (Brazil)


Koniambo (New Caledonia)


Taganito (Philippines)


Goro (New Caledonia)


Ravensthorpe (Australia)


Ambatovy (Madagascar)


The question which is raised now is Canada a leader in the nickel production?

There is no question that so far Royal Nickel has not attracted the glamour of Voisey’s. Undoubtedly its management is more conservative, more professional, but at the same time, it should be compared in terms of value to the glamorous two leaders of Diamond Fields. 


Top 5 Canadian Base Metal Mines



Annual Production

(Ni-Eq. kt)



Voisey’s Bay




Highland Valley




Gibraltar Expansion




-Dumont will be one of the largest base metal mines in Canada.

Royal Nickel is basically managed by professional old-timers and as such they have a different orientation to Diamond Fields. Diamond Fields was sold. It was sold the first day when Robert Friedland made it very clear that he didn’t want to build the mine. Royal Nickel , however, is a corporation whose production could become second only to Voisey’s in Canada and because of the higher price and easier financing, it could approach the size of Diamond Fields. Royal Nickel will become a solid member of the mining community of Canada. It will supply the mineral pool world with a basic commodity and that such over a period of time will make its name and because of its financing abilities will become a big international entity.

The world today needs a solid, growing, well-financed, well-managed nickel company.

Undoubtedly, in 1994 Diamond Fields and its management provided a glamour unlikely to come in our time with the exception like Netflix, Tesla, Apple Computer and the like.

However, it should be mentioned that belief in the mammoth production age which I call it the Netflix age. A basic product on a phenomenal scale becomes a giant. Amazon has become a giant. Royal Nickel has an opportunity to become a mineral nickel giant of Canada. In the media it will never have the glamor of Diamond Fields. It will never be as colorful as Diamond Fields, but undoubtedly it can eventually be bigger, more solid and more of an international nickel company than almost anything Canada has produced in the last 50 years.

I am Hungarian. I went to Cambridge. I lived in South Africa. I visited the Belgian Congo in 1961, and I interviewed President Thsombe . I had a colorful life but at the same time, I have witnessed and worked with colorful people and colorful companies.

Royal Nickel ‘s management will never be able to match Robert Friedland as an entrepreneur. But Royal Nickel could be one of the leading mining achievements of Canada and it has the chance to be considered this year, next year as one of the mining achievements of Canada.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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