General discussion - day to day / speculation, page-14

Yes, though to be clear, I should have said "target +1.5% Nickel".

Optimising the flowsheet is about maximising separation of the concentrate streams and optimising their grades. We're looking to see the Ni-Co concentrate beneficiate up to the target 1.5%+ Ni grade.

Of course, as I have mentioned before, the pricing on these sorts of concentrates is non-linear. So you get a bigger bang per percentage grade gain the higher you go up. The better the concentrate, the better the contained saleable metal, and the better the price per Ni tonne. So the step change in price is exponential for higher % grades.

I'm sure we'll be looking very closely to optimise that little "+" in the % Ni grade.