I have had a quick look through the report, whilst it was not a...

I have had a quick look through the report, whilst it was not a pretty 6 months, these issues were flagged during the half and the share price has fallen around 85% in response.

However some good news in the report.
1. They have stated on page 5 nitrate deliveries have returned to normal in late July.
2. Currency effects have been negative on "headline profit" due to the conversion back to USD, but a weaker BRL will materially reduce C1 cash costs.
3. Nickel production despite their excavator, crusher and nitrate issues is estimated to be 17,000 to 18,500 tonnes, inferring that the next 6 months will be 8,800 to 10,300. Which is up quite a bit given they have already flagged issues with nitrate and the proposed civil works during this period.
4. Cashflow is probably more relevant than profit in a mining company and whilst it's not great, it is positive on an EBITDA level

Arguably production could easily sit in the low to mid 20,000 tonne range going forward which combined with other cost controls will probably have there C1 cash costs significantly lower in 12 months - low $5's or even high $4's looks very achievable.

Nickel is also moving in the right direction.

Without being naïve to the obvious risks, I think there is a good risk adjusted opportunity here.