pan valuation, page-32

I sure they can survive, the nickel price should rise to a reasonable level within 8 to 14 months. The last GFC nickel crashed for 12 months before a reasonable recovery.
Pan can survive 12 months and they can stockpile ore.

Nickel pig iron is a substitute which effects the nickel price. There is a point where a low nickel price makes pig iron more expensive than quality product.
At around 8usd a pound nickel pig iron becomes uneconomical. This means that the nickel price should bounce back above $8 within 6 months.