EL
i understand what you are saying - however - i have compared costs of developing ore reserves......"this is on the reserves line"
the offtake and tolling arrangement with BHP Ni-West is approx 65% of metal value + by credits - "impurities".....this is "on the revenue line".
One could argue abt the "relative value" of MCR's Ni-tonnes with all of the other listed nickel plays.....MCR has not had to pay for repairs/plant upgrades, and "pays for this" via the tolling agreement....i.e. the company is "capital light".......It is the only Ni company that has substantially reduced the FPO on issue over the cycle......
as you would be aware the deal was struck when MCR acquired the tennement package.....as you would also be aware - this has a renewal / renegioation option in 2016 to 2018. More info on this should be in the documentation for BHP's spin-out company......
The above should highlight my personal investment timeframe, as i mentioned before - MCR is an exceptional "call option" over Ni prices - and i shall keep accumulating the stock.
rgds
Value_Hunter
EL i understand what you are saying - however - i have compared...
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