I think it's important to point out that in recent years,...

I think it's important to point out that in recent years, Indonesia has been and still is the largest miner of Nickel worldwide.

	Country	Share of production
1	Indonesia	37%
2	Philippines	13.7%
3	Russia	9.3%
4	New Caledonia	7%

China comes in at 4.4% after Australia and Canada. Indonesia is closer to Sarawak than any other producer.

The largest single producer in Indonesia is Vale Indonesia which is a subsiduary of Vale(world's second largest mining company worldwide) headquartered in Brazil but owned by Vale Canada Limited (58.73%)Sumitomo Metal Mining Co Ltd Japan (20.09%). I don't know if Vale is expoerting Nickel metal, concentrate or ores. If it's metal and concentrate, I suspect the Nickel slag will be owned by Indonesia. Given that most of the Indonesian economy is controlled by the Indonesian Chinese and couple that with the bamboo network, I think a future Hydromet plant with Indo-Chinese investment is not a silly idea - endless supply of slag and a ready market for Mg. There are many Ni mines in Indonesia owned and operated by Chinese investment.

If we look at the largest importers:

Top importers of Nickel ores and concentrates in 2022

• China - 73% of the world imports ($4.53 billion)
• Canada - 8.19% ($503 million)
• Korea - 6.22% ($382 million)
• Finland - 5.32% ($327 million)
• Japan - 4.61% ($283 million)

That tells you where most of the Nickel ores and concentrates is going and consumed. However, our interest is in the slag of which China will be amassing plenty. If LMG's phase 1 is successful, I think China will be rubbing its hands together developing plans for when the Hydromet patent expires in 2030. If LMG partnered with China for Hydromet plant I think it would be built and operational within 18 months - well before the patent expires.