We have already seen a few Ni mines shuttering at current...

We have already seen a few Ni mines shuttering at current prices, with the consequence that forecast excess supply is likely to turn into deficit.
Notwithstanding, Goldman Sachs, Macquarie, et al need to save face by pretending that won’t happen, or being in denial about it.

If the Ni price falls further and for longer, then it’s once again that magic cure for low prices spontaneously arising.

Until then, Indonesia is selling its natural resources much too cheaply, which benefits only China and the super-wealthy Indonesians. Majority of Indonesians continue to lose out, esp. the impoverished and those leading traditional lives in fishing.

Also, Indonesia being a previous OPEC member, but had to relinquish that status because it has become a net oil importer, should have learned its lesson well.
Shoulda, coulda, but hasn’t, it would seem, considering the recent importation of Ni from the Phillipines.

ARL is in a good spot timing-wise. Production was estimated at 2027, maybe now pushed to 2028, when Ni prices are forecast to be much higher.

If retail LT shs can see ARL being in such an advantageous position, doubtless that the JC and ARL can see it even clearer because they have access to latest industry data that we are reluctant to pay for it.