Ann: Australian Nickel Conference 2018 - Corporate Presentation, page-4

Yes does not take much of a drop in LME Ni for it to go teets up and as you say a 7% discount is very light (they are even using a second hand head frame and winder in that estimate of CAPEX .

Better to mothball the project , no one says they have to mine nickel in Australia , buy out an under valued explorer like G1A MYL or MOD that show sturdy IRRs with decent mine resulting in great NPVs to boot