New Caledonia says no to indepence again, page-2

For me, the independence movement is still a key risk for PM1's ore supply, given the contract is dependent on the New Cal state granting export approvals post-DFS.

It is a good result for now, but we will have to see how the negotiations between the factions progresses over the next few weeks and months. Given the refinery woes and a serious lack of prospects for their recovery (especially goro), the state may have no choice but to approve exports to keep revenue up.

This might end up being a double-edged sword for PM1, as it could be seen to be exploitative by the disenfranchised and unemployed, and we all know how that ends.

Based on my limited understanding of New Cal mining regulations, a potential silver bullet for PM1 could be an equity stake by the New Cal state or a majority New Cal owned company, so if this happens I think it will be a major catalyst for a rerate.

An interim solution could be exploring if QN's export approvals remain extant, with the intent to use them. That said, the last thing we need is increased nickel prices encouraging a belligerent Clive to start a crusade against the competition.