Ann: Quarterly Activities Report, page-41

I don’t know what you mean never succeeded, HMC makes US$10,000 / t Margin on a
class 1 Nickel price of$24,000/t. This means it produces nickel at a price of
$14,000/t. Nickel price at the moment is US$18,000 on the LME but Shanghai prices
on MHP is lot higher than that. It also produces Cobalt as a secondary product.
So over all, it breaks even at 12,000/t.
And ENC will be superior to HMC at its ability to produce Sulphate and Nickel Cathode.
The thing is, NIC’s 55% share on ENC will be funded without share dilution.
You must be thinking about First Quantum MHP plant ,Ravensthorpe with overblown cost.
And yes never succeeded to be profitable.