just the facts, page-10

Check out the Browns investor update 15th Aug 2008. The Ni-Co is recovered as an intermediate product, carbaonate form I think, and so only a % of the contained metal is paid to CMR by the buyer, HNC, who must further process the product to recover LME quality metals. 68% of the Ni and 72% of the Co metal contained within the intermediate recovered is payable. 100% of the Cu is payable because they produce high quality copper plate that can be sold directly to traders.

cheers