Hi Sally,
Your points have relevancy however I'm sure you would also agree that many of the nickel fundamentals have changed (considerably) since those good old days of Heron/Vale/BHP.
In simplistic terms, at that time there was enough nickel sulphide around to cater for the usage (stainless steel etc) although the world knew that resources were becoming increasingly scarce. Hence the above 'agreements/partnerships' were formed (for eg.) to make use of the (expensive to produce) laterite resources. Then, as you say, along came the GFC!
Nowadays, I believe that everything has changed. Even though there has been new sulphate discoveries, there are now much improved techniques for production of laterites, sulphides & combinations of both. Governments & associated players are now willing to back these industries also. Laterites appear to be the only future source of nickel. The worlds big miners now know this, as does the manufacturing industries of the world.
In my view, BHP (being an astute business) would still be a player, as after all, they are the worlds largest miner & they do run a very successful business (inc nickel). They would even be favourable for Government backing one would think? Maybe the terms of agreement (with ARL) would be a little different from the HRR days though.
To me, there's always a chance of success, expect the unexpected, perhaps that's why I'm into shares!
GLTAH's
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