$3.50/lbs would be comparable for nickel concentrate, not for sulphate. However he did not mention at what grade - since their concentrator will be producing lower grade concentrate than is customary for traditional smelters. Also I am thinking he talks of 3.50/lbs as cash cost break even, not all-in.
To have a sound understanding of comparables they would have to split both capex and opex into
- mine to concentrate
- concentrate to MHP
- MHP to precursor
The thing though is the concentrator is set up to deliver concentrate bespoke to their concentrate to MHP process. Which is a sort of new process in nickel production, not sure what the comparables are there. So this part will remain somewhat difficult to compare, I actually am quite surprised he threw that comparable number out. I don't think it is that straight forward.
Ann: Blackstone Minerals Investor Presentation - Scoping Study, page-13
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