my earnings forecasts, page-3

Vayama,

A number of things left out of your calculation.

Firstly, US$40,000/tonne is price of nickel, not nickel concentrate. That is, Jinchuan has to produce nickel metal out of the concentrate and take their share of profits.

Secondly, debts/interest need to be paid.

Thirdly, there's the tax man.

If you put these in, story is still very very good, but a fair bit less than your calcs.

CCL