Out of the 16.1Mt JORC resource at Isabel, 8.4Mt are low grade limonite which is currently sells less than $15US/t (so they won't be making any profit given their DSO production cost is estimated at $15US/lt).
7.7Mt are mid grade saprolite grade but I am not sure why there is a huge dependency between what Japan (SMM) buys it for and China and Australia purchases it for, China and Japan are reasonably close so I don't think it's to do with transportation.
And the difference in what laterite nickel ore sell for compared to the PoN for refine/concentrate nickel........
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Ann: Isabel Nickel Project - San Jorge drilling update, page-46
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