I suspect the mine will go into care and maintenance until...

I suspect the mine will go into care and maintenance until Glencore believe Ni prices can justify a restart. I sold the last of my holdings after reading the corporate update. A 46% loss and largest dollar loss ever for me, which hopefully I learn from and don't repeat.

The reality is if the project came online as had been planned it could have worked well, but mining lease took over a year to receive after application, then was not quick enough to ramp up, with first shipments at one time expected by end 2022 eventuating only a few months ago. During that period the nickel dso price collapsed and the market underwent a major structural change, and there are few dso projects globally that are viable. PNM had thought their project was in lowest cost quartile, but reality is this analysis was totally off as failed to foresee structural change in market. If they had started shipping in late 2022 or early 2023 (and there were no grade problems as have eventuated) then maybe could have had capital payback, but instead now Glencore and PNM shareholders sitting on big losses. It's also a shame for landholders, local community and SI economy.