BSX Day to Day SP discussion, page-2172

Deposit is big - that wasn't the issue. Grade of the DSS is and always was borderline. For me the start of the breakdown was when the MSV drilling wasn't coming through at the grade it needed to be to make it a blend feed that would have meaningful impact.

Then I felt the overall strategy got a bit wishy washy. Was talk of starting the old concentrator at one point, then the original SS was 4Mtpa now they are talking 8Mtpa etc.

I have always been critical of my belief on the ability to actually feed the DBU. I just don't believe there is enough uncontracted concentrate around to meet that need. In my opinion the investments in Nico and Flying Nickel which are both also very skeptical for getting off the ground add credence to this point to me.

With much more vertical integration coming and a tight con market it's hard to see the ability to buy con for 75% and sell 811 for 130% staying at that sort of arbitrage. More players with bigger budgets and tech teams will move in if its that simple. So then all the reliance comes back to the UBU which is where my skepticism started in the first place.