jbm v mcr the big picture mincor production 12,500 T
cash costs $5/ounce
Ni Price (Aud) = $16/lb
Ni cash costs av (Aud) = $5/lb
Margin (ex hedging which is small anyway)
$302M Margin
Reserves ~50,000 T Ni, with upside from Carnilya and possible extensions
NPAT @ Ni $16/lb = roughly $170M or so
JBM costs = $2.20 USD * 1.4 = $3.08
Reserves ~ 400,000 Ni contained (350,000 is from low grade nature)
Ni production next year
9000 tonnes
9000 * 2.2 * [16-3.08] = $255M margin
or around $120M NPAT approx
So clearly here JBM is valued higher due to its reserves, mine life, exploration upside, and lower cash cost of mine
But still there is a frightening gap, as Mincor has a lot of untapped exploration upside as well!
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