To the defence of management... go back and read the analysts forecasts for nickel prices back at the end of 2007 and see how many were forecasting $4 nickel by the end of 2008...

Decemeber 28th, 2007:

12/28/07 - 2008 Nickel Forecasts taken from annual Bloomberg survey of metals analysts - median $13.38/lb
ABARE - $12.47/lb
CPM - $13.73/lb
Logic Advisors - $13.38/lb
ABN Amro - $12.00/lb
Credit Suisse - $15.00/lb
Merrill Lynch - $16.763/lb
Barclays - $13.80/lb
Deutsche Bank - $14.88/lb
RBC - $14.00/lb
BNP - $13.55/lb
EIU - $13.60/lb
Sanford C. Bernstein - $10.66/lb
Citigroup - $10.00/lb
Goldman Sachs - $11.45/lb
UBS - $13.25/lb
Commerzbank - $10.89/lb
JP Morgan - $13.15/lb
Westpac - $14.23/lb

Not a single analyst forecasting below $10/lb. 14 months ago. Stunning.

Liberty put things in motion with the expectation that nickel prices would remain favourable to ramp to full production and develop McWatters and later Hart to be producing properties. Had nickel forecasts been looking in the $5 or lower range for nickel, Liberty would have many many different decisions 1-2 years ago.