Ann: Quarterly Activities Report, page-9

Yeah, ouch. Have had this on the watch list for a while now and was waiting to see some cost indication. This is worse than I anticipated so I guess it'll stay on the watch list for now. Seems to have been a good call on the forwarding hedging, but will it give them enough time to close that cost gap? Oct will only see 120t at the forward hedge of $23,055/2204 (lbs in a tonne) = $10.5 USD/lb (~A$15/lb). Hmm, hope the Ni price does some recovering.