Ann: Quarterly Activities Report, page-26

Thanks Zeb and Amp. I originally concluded these results in my first post at the top of this thread. Then I got lost in the world of incomplete accounting transparency. I thank WiseInvest for rescuing me so I could KISS the situation!
As Zeb has mentioned, quite a few scenarios are shown in the data, including no discount for additional downtime beyond what is already in play-just review the appropriate row, which also gives various numbers based on prevailing IMIP Ni price. I have a few mining shares, and they have all suffered a bit recently, possibly partly due to seasonal impacts in China production. In terms of Ni price, my understanding is the Chinese way of doing business differs from the Western way. For Westerners, a contract is a contract and needs to be honoured, full stop. In China, a contract is a contract until it becomes sufficiently lop-sided that the parties reconvene and recalibrate a bit. In other words, they look out for each other a bit more than we do (I'm a Westerner). So in a way it is not a complete surprise that a dramatic increase in Ni price sees a lag in IMIP price. However, I suspect that if the Ni price was to fall through the floor, our Chinese partners would do their best to ensure we did not fail as a consequence. Call it a symbiotic arrangement. Anyway, that is why I did not get carried away with the Ni price in the listed scenarios. It would not be too hard to extrapolate it if you want, but I felt that would be too optimistic to do so currently. In time, it could well go higher, as long as it is more gradual and as long as the steel producers are able to recoup the increased cost in the sale of their products.
I suspect the uncertainty in pricing is the cause for the recent pullback. Time will tell if that was appropriate or over-cautious. I lean towards the latter, on the basis of what I have disclosed above. I hope I'm right!!!