Ann: Quarterly Activities Report, page-17

Yep NPI looks to be currently up around the US$17,900 mark according to SMM data, and the thermal coal price has dropped significantly across January, so margin expansion at both ends. At this rate, NIC will be a god damn cash machine this year.

JW implied that diversification of product brings diversification of customer base, and that will be seen as mitigating risk in the eyes of the ratings agencies. Does that mean the prospect of cheaper debt for future projects?

Looks like NIC are paying around US$625 /t to convert the LG matte to HG matte, which would be in the ballpark of US$31.25m per year if all of ONI is converted to matte production. If the converter produces 50,000t /year, that's exactly 4 years at full production to pay for itself.

The haul road seems like it will be ready end of Q2 this year, and the increased sales will further offset the high ore costs at the moment. No mention of the sales license for ONI yet, or the proposed tax on NPI exports.