AUZ - Fireside Chat, page-183

Hi rusty02
Yes it should be very early in the new year when the 200KT LME warehouse level should be reached. Only Ni sulphide in the world that should be back online by then will be PAN's Savannah mine which only produces 18Kt pa of Ni in concentrate which is already being sold into the Chinese smelter market. Vale hasn't anned yet bringing mothballed production back online which even when anned will take 6 mths or longer to bring back to full production they will prob want to see a sustain over 16- 18KUS, POS are a fair way off in bringing Black Swan back online and that is only 8Kt of Ni in concentrate.
The current Ni market is about 130Kt in deficit for the past 12 months and a lot of this is in the batt grade material which the Indons and Phillo mines can't fill the gap due to the low grade Ni they mainly produce.
Hopefully sustained rising prices for Ni next year and beyond.