If stocks fall, price will increase and mines will reopen,...

If stocks fall, price will increase and mines will reopen, increasing stocks. The stocks downtrend is probably only short term. I think nickel price projections for 2010 are ~$10/lb, it sounds quite likely to me knowing that there are many mines waiting to reopen if demand increases.

So price will probably average $10-$11 for 2010 leading to $150m profit for MRE. Still a strong figure in a company who made great progress in 2009 and have good plans for 2010.