low cost producers, page-4

The true cash costs of the producers can be pretty difficult to compare side by side, as none report in entirely the same manner.

For instance, JBM's cash costs were ~US$7.20/lb inclusive of capital development, and IGO's are US$3.20ish exclusive of capital and development cost.

MRE, I believe, is the highest cost producer at ~$7.30/lb inclusive of capex spends, etc. But you won't hear them say that because it's sensitive information to come out and say you are the highest cash cost producer on the ASX.

It's also worth noting whether the cash costs are inclusive of credits, smelting charges and royalties. AGM, for instance, won't make nickel for US$2.60/lb once you account for capital costs, smelting, etc.

A valuable question to ask is - what is the floor price for nickel?