to test 840, page-7

re: jbm v mcr the big picture FedExpress,

You seem to have overlooked that less than 60% of the 12500 tonnes of Ni is payable to MCR, the rest to BHP for processing etc. I seem to recall JBM keeps well over 80% under there offtake agreement to whoever.

Also MCR has a substantial portion of the production hedged which further dampens things.

I do agree with the general direction of your observations however.

Entropylord

Discl: I hold IGO, have dabbled in MCR.