It is possible that NI are using US$700 based on the MNB Resource Update announcement released in Nov 2021.
It is well below the current price, perhaps they're being conservative. ?? No idea why, with all the news relating to fertilizer prices, gas shortages and sanctions, IMO the current highs reached (and probably higher) are likely not to be a spike, but rather will be around for a few years or more, who knows.
It'll be interesting to see what MNB will use in the DFS. For every 10% MNB add to the MAP price of US$700, would alone could add a further 20% or $100m to the NPV. That's a pretty big deal.
Having said that, I don't feel they should use the current price, as eventually, hopefully, the world will return to some normality for everyone, thus reducing prices back to more affordable levels and MNB need to be seen as being sensible. I also feel the prices won't fall back to SS levels. Again, who knows.
GLTAH
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