The Nickel Industries Ltd (ASX: NIC) share price is pushing higher on Wednesday morning.
At the time of writing, the ASX 200 mining share is up 1.5% to 88.2 cents.
However, this doesn't change much on a year-to-date basis. The Nickel Industries share price remains down 9% in 2023.
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Is this ASX 200 mining share good value?
One of this nickel producer's directors appears to believe its shares are good value based on some insider buying that was reported this week.
According to a change of director's interest notice, non-executive director Weifeng Huang picked up 350,000 shares through an on-market trade on Monday.
Weifeng paid a total consideration of $304,046, which works out to be an average of approximately 86.9 cents per share.
This purchase boosts the director's holding in the ASX 200 mining share to a total of 3.86 million shares.
Should you buy?
Analysts at Bell Potter are likely to approve of this purchase.
Earlier this month, the broker reiterated its buy rating with an improved price target of $1.84. Based on its current share price, this implies a potential upside of 109% over the next 12 months.
Bell Potter believes that a recently announced strategic partnership is a testament to the quality of its assets. It said:
NIC has announced a strategic partnership with major Indonesian industrial, mining and automotive conglomerate, PT United Tractors Tbp (UT, UNTR.IJ). NIC has entered into a conditional agreement to issue 857m shares at A$1.10/sh for proceeds of A$943m. UT will hold 19.9% of NIC upon completion of the deal. NIC and UT have also entered into an associated, conditional, collaboration agreement, whereby UT will fund a contributing 20% interest in the Excelsior Nickel Cobalt (ENC) High Pressure Acid Leach (HPAL) project. The agreement and the premium paid by UT represents, in our view, a strong endorsement of NIC's assets, management and strategic objectives.
