Schlomo,
No matter how high quality the nickel concentrate is, NO ONE will pay nickel metal price for it. This was what Vayama was suggesting by his calcs. I know that it makes only "a little" difference for AGM analysis, but for other cases, it can make a big difference.
If AGM has no debt, then calcs need to take plant/equipment depreciation into consideration (unless Vayama has already accounted for it).
Third point - granted.
As I said previously, overall, the AGM picture will still be very very good.
Whilst the three points above will change the calcs "a little", IMO the bigger picture issues are:
(1) further potential upside (better recovery, more exploration success, etc).
(2) nickel price (I know that no one really knows what the future brings, but I am expecting USD30,000+ for the next couple years).
CCL
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