Bruce,
Ore tolling and concentrate purchase agreement I understand that is like an agent taking a commission.
You supply the raw material its processed then the result is sold at market you get the market price less production costs and commission.
Now at what percentage is your variable ???.
I suppose if you take the POS cost of US$3.50 you will be somewhere round the money as to finding the gross profit as to the LME nickel price
Please don't take this as gospel it is just what I understand.
income stream, page-2
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