Just listened to quarterly results webcast.
Need to correct you regarding Nickel Matte:
In the Q&A Justin was asked about it. Status is currently 2 RKEF lines in the IMIP (not Nickel Mines ones) are being converted. With current NPI pricing (+outlook) they pretty much have no intention of doing it anytime soon. Part of answer was 10 lines are planned in the IMIP with the follow up question "where does Nickel Mines sit in the schedule to be converted". Answer: "*laugh* given current NPI pricing - probably lines 9 and 10".
Other notes:
- Limonite sale price confidential but is double digits. Nickel Mines one of 2/3 possible suppliers there. They will need significant amount somewhere around 12mtpa. Basically costs Nickel Mines nothing so that could be a nice +$20m/yr or more in the future?
- Increasing cost pressures are actually good for Nickel Mines as it squeezes Chinese NPI producers but doesn't affect them as much but then they get the upside of the increased NPI pricing.
- Unaffected by global shipping costs/issues as Tsingshan has their own fleet that runs between Indo and China.
I should note I sold out around the Indonesia tax news (had 12 months+ hold and saw some better uses for the money) but I might have to buy back in soon. Such a well run company.
Ann: Quarterly Activities Report, page-72
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