This is Ashley Zumwalt, page-30

This chart was posted by the CEO Dennis in the preso at the POS AGM I attended.

http://www.*****net.com/charts/metals/base/spot-nickel-5y-Large.gif

Dennis stated to all there that the experts thought this rundown (from 7-5.50) was a "blimp" and would reverse yet here it is. He said he was surprised that as he looked before the AGM it was at 5.00 (now its at 4.85).

Yet the LME chart is the exact opposite -
Last time the LME was this low 6 years ago the NP was at 6.20

http://www.*****net.com/charts/metals/base/lme-warehouse-nickel-5y-Large.gif

Dennis said that the projections are for a Ni sulphide deficit for the next 12 years widening from 50kTpa to 500kTpa (ie 22% of annual production!).

So its only a matter of time before the NP rebounds on supply demand economics.
Dennis Forrest Zumwalt all know this hence their heavy investments into potential high grade large producer POS.