Well, nickel price is re-bouncing (that might have been bottom reached of 4.3? so 5.5-6 end of year) and if REAL stays around 4 for most of this year (and maybe 4.5 next year), well that's what we been told anyway looking at the reduction of COP including royalty in Q1 compared to Q2 as REAL devalued........
Ann: Appendix 3Z - Richard E Newsted, page-4
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