Ann: MOU to Acquire 70% of 4 New RKEF Lines at Weda Bay, page-39

It appears your comparing NIC with WSA. I’ll give you an example of costs. WSA are using diesel generators at Cosmos site. 20MVA = $14000 per hr for diesel compared to NIC $1200 for equal amount at 0.06 cents per KWA using electricity. Construction costs are also much cheaper in Indonesia. At the end of the day the sulphide WSA mine and NPI are different products but the nickel price is the same. NIC have managed to control their cost of production, lower than most other operations. The bottom line is WSA has a PE double that of NIC so there is your starting point. Chinese mills are closing due to not getting cheap ore. EU has not added any tariffs to Indonesian nickel. The nickel projects in Indonesia are a nation building effort led by the government. It’s a vehicle that employs thousands of Indonesians to lift them out of poverty. NIC had the foresight to recognise this early and act. With a PE of 9 and target price over $1.50 still plenty of upside.