The biggest problem is the assets themselves - there are little quirks all over the place at Nickel West. Well telegraphed issues with the smelter that requires big capital outlay/long downtime to fix. The metallurgy of the Mt. Keith feedstock is the opposite of what the smelter likes, so they need to supplement with feedstock from high Fe sources (that's where Cassini comes in) all to produce a product that doesn't necessarily align well with future demand increases (ie market wants battery precursor material like PCam). Throw in uneconomic Nickel prices at it starts smelling like a Western Sydney landfill site.
Rip off the band aid - be done with Nickel and go chase chase more copper imo.
Ann: Half Year 2024 Exceptional Items Update, page-16
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