As I have said before I am no expert, but here is what I think...

As I have said before I am no expert, but here is what I think would be a reasonable scenario, re 20% equity of Young project.
Joint Venture Young.

Expected yield nic .72% cob .070%
Recovery 90% nic .648% cob .063%

50 k tonnes of contained nickel
Plant 6.2 mtpa ore thru put. for 40.176 t nic & 3.906 t cob
sales price nic $30.000/t cob $80,000/t
Total sales $1,517,760,000 pa

tonnes ore mined 6.2 mt Mining & leaching costs per tonne $80. Total cost $496m. Depreciation $70m Total production cost %566m Profit before tax $951.76m
Our share 20% $190.352m after tax $123.728m

Shares on Issue currently 2,141,799,604
Shares issued to partners 426,218,121
Options on issue 2c conversion 50,000,000
Total shares 2,618,017,725

Capitalise at 12.5% $989,830,400
Divide by 2,618,017,725
Shares Worth at full production 35-40c per share.

Required Plant & Equipment $700m Interest paid by Chinese Partners ( You Would assume ).

Please examine and criticize constructively.

I think that deal is nearly as good as we could hope for under the circumstances.

Perhaps if this deal goes through somewhere near what I have proposed Duncan should be congratulated.