Ann: Extension of Wide High-Grade PGE-Ni-Cu Matrix Zone - Julimar, page-82

They will need their own mill/concentrator on/close to site, as you and others say. The question is - where will the concentrate sold or processed? That depends on the specifications of it, but it will contain palladium, platinum along with the nickel which means that South Africa smelter refiners are prime targets, but after transport and smelting/refining costs there is a lot of revenue leakage. The BHP smelter at Kambalda and nickel refinery at Kwinana could process the concentrate for the nickel, but BHP doesn't recover PGMs so they would either have to send the residue after nickel removal offshore for refining or build a PGM refinery - if BHP want to build their NiWest business Julimar is a good aqcuisition for them (BHP got burnt in PGMs with Hartley in Zimbabwe). There are hydrometallurgy processes that CHN could use and build themselves as well that is probably more profitable for them. I just hope CHN does not give away the farm via a JV or bringing in a major too early.