my earnings forecasts, page-21

mookie there are two completely differnnt things we are talking about here.

Smelter charges... eg BHP charges smelter charges to SMY because they smelter SMYs ore for them and charge a rate which naturally goes up as the price of nickel increases.

Smelter Costs... Jinchuan buys AGMs concentrate and smelters it and sell nickel metal. The smelter costs are fixed and borne by Jinchuan. If they use electricity (for example) in the smeltering process, it costs the same per Kw no matter what the price of nickle metal.

Smelter charges have nothing to do with AGM. Jinchuan does not smelter anything for AGM, they do it for themselves using nickel conc they puchase from various companies. It costs them less to smelter AGMs concentrate because of its high concentration and the fact that it contains no Iron Sulphate impurities. So they pay a higher price.

im not posting any more on this subject- Ill let Dweke 2000 loose...he calls a spade a spade....