The way this is presented along with DBU and based on NCM811 makes it slightly hard to interpret the concentrate alone. I would like to isolate what nickel price the UBU requires to breakeven and by my calc the all-in concentrate cost at US$2,700/t at 11% Ni content, that is US$24,500/t (if i have this correct?). Yes feed into the value added NCM811 is higher and hence the integrated model, but stand alone UBU needs a fairly high spot nickel price to break even. i personally think Ni price will be closer to US$30,000/t by 2026 and is not an issue but I'm guessing this is reason for the sizeable sell off and in the lead up...
