It's not necessarily higher grade.
Higher grade Nickel and Cobalt, but QPM expects to generate about the same revenue from Aluminium as it does from Nickel and Cobalt combined.
The ore they're getting from New Caledonia is 1.7% Aluminium and while SRL don't have a total reasource estimate for Sunrise (or hylea) they did give us the content of different parts of the ore.
The Transition Zone is 5% Al and the Goethite Zone is 4% Al.
If Hylea has 4% Aluminium (like Sunrise) it might be worth more to QPM even if they don't extract any Nickle or Cobalt.
Secondly have a look at how much QPM are planning to pay for the ore.
QPMs shipping costs at $50 per tonne and the market rate for the ore is $75 per tonne, for a total supply cost of $125 per tonne.
Alternatively SRL expects it to cost $18 per tonne to dig it out of the ground and deliver it to the mine.
If we assume that minning operations at Hylea will have a similar cost to Sunrise it's not hard to imagine that it could be minned and shipped and significantly less than $50 per tonne.
I don't hold QPM nor do I have strong opinions on the company outside of saying that a company with no reasource at the PFS stage probably shouldn't be worth half has much as a company that has a world class reasource at the PEP stage.
Sorry for rambling...
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It's not necessarily higher grade. Higher grade Nickel and...
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