He's talking about the enterprise value. Different to how much revenue they are going to make from the nickel.
Not sure what you mean by the 20% concentrate, maybe someone else will be able to give an insight
From what I understand you take the 1.2Mt per year and multiple it by .9% for the grade to get 100%. so 10.8kt contianed nickel multiply by 80% for the recovery rate is 8.64kt contained nickel. Multiply that by the nickel price of $22,000USD then deduct the AISC which is assumed to be around $10,000USD.
Happy to be corrected if my calculations are incorrect.
