Musk saying that is always about smoothing out Ni price variations (for himself/Tesla).
E.g. OZL (Oz Minerals) is in takeover for CZI's WMP west Musgrave project that should complete BFS in the next 6 months or so. Will it get the go ahead to mine decision before the Ni price reaches say $7/lb. The market and T/O price at about 20 % of NPV at the time (now 33% due to Au price for OZL shares) didn't say so.
Then there's PAN at 7c when they knocked back a T/O IGO for 3 times that within the last 6 to 12 months.
Musk saying that is always about smoothing out Ni price...
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