To be fair, you are also anchored on the reverse.
The reality, is that on the macro picture, nickel has reached its floor. Even Indonesia and China wont collapae the price further as they also have a cost basis.
The argument, is not necessarily around price anymore but if the EU passporting model will be adopted or not.
Your argument assumes 100% pacifity by Australia and the USA against the Chinese. Neither of us know or can tell with certainty what the reaction will be regarding the political voices.
Ann: Half Yearly Report and Accounts, page-20
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