Thanks for sharing, interesting read., especially matte being similar price to NPI, thought more profits in matte. However like you said if we assume the NPI price will drop sharply and matte track higher towards sulphate prices then NIC is in a unique position to be able to switch between the two with minor modifications and adjust according to market conditions. I'm not saying they will do that but it seems they will have the ability to do that.
The way I see it is, even with an oversupply keeping the NPI down with NIC cash costs around $7000-$8000 there is still plenty of headroom for profit margin until the demand for Nickel start to really stretch supply.
And talking about cash costs, these could go down significantly once the Hpal plants go online and we possibly supply them with limonite ore
Ann: Potential Diversification into the EV Battery Supply Chain, page-28
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