Yep - as others have pointed out, a laterite deposit that is literally in the middle of b^m f#$k no-where making all the logistics and construction costs about twice as much as they could have been. The grade also isn't that flash so this needs a consistently high Ni Co price environment to make money, and also carries the burden of crippling high upfront capital costs with HPAL risks thrown in if you get it wrong.
If you are dead keen on Ni and Co as a fundamental investment thesis I think you are better off looking for some decent Ni Cu projects with Co credits, and then looking for more traditional Ni sulphide projects that might have been overlooked by the market. Don't even entertain or dream of investing in any Ni miners in the Solomon Is, Indonesia, the Phillipines unless you like losing all your capital.
Think about AUZ BAR BHP BSX CHN CTM COB IGO MCR MEI OZL PAN POS TLM WSA depending on where and how early you want to get in.
(Holding MLX purely for the Tin)
MLX Price at posting:
51.0¢ Sentiment: Hold Disclosure: Held
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