LionOre WMC Norilsk all spent $3,000M on these POS assets from...

LionOre WMC Norilsk all spent $3,000M on these POS assets from 1968 to 2013 inc the MILLS MINES roads staff camps airstrips toilets power grids tailings dams etc
POS has spent some $180M on these assets since 2008
last year they spent capex on the tailings dams, studies, BS dewatering, decline refurbishments, staff buildings

If one looks at the massive cost and capex of $15,000M spent by the big boyz in the last 2 years by BHP IGO AFAF on looser blackholes like MCR WSA OZL Noront then POS is a winner & dirt cheap

POS in comparison has way more assets, mines, roads, staff camps, mills than MCR WSA OZL Noront costing $14B to the big boyz combined and has the 3rd highest JORC resources in OZ behind BHP & IGO.
So $25M is an accounting figure and not a realistic valuation & replacement figure.

I wonder how they reconciled the depreciation for that $3B in spending from WMC Lionore Norilsk, I guess they wrote it off as a capital loss in their tax records separately long ago in each separate company.

We saw recently with the purchases of MCR WSA OZL Noront how much more valuable Ni mining assets at market price are worth to the big boyz.

Accounting trickery is irrelevant.
The value is in the infrastructure and production capacity.