more likely just 12 to 13 imho, maybe not even that with the pon still good.
Was looking a bit at the NIC QR. I might be missing something but not so sure Indonesian NPI is so cheap. Even with decent nickel prices they only made a 20% EBITDA margin.
An awful percentage of their costs seemed to be in coal too, either directly or as Indonesian electricity. Prices not something I could invest in.
Also makes me wonder if the floor price for even class 2 nickel might be quite high in future.
Not that the grades they mine are too bad, all well over 1% (contrary to TBs typical wildly incorrect assertions of a tenth of that).
Still mulling on the remaining ramp up risk. Might put another toe in the water regardless.
EL
Chart thread, page-726
-
- There are more pages in this discussion • 491 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)