IMO when Ni price was at US$50,000/t, it has something to do with the USD. At that time the USD was under a lot of pressure. If you wish to get out of the USD what do you do? You use USD to buy hard assets like commodities. Since then the USD has calmed down, and the PON has returned to more realistic levels. At this level, the PON is still profitable for MCR and I am expecting dividends to be paid this year.
MCR continues to make new Ni discoveries and this has allowed it to maintain the resource level. Thus, ensuring mining in years ahead.
a serious rerating, page-11
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