please explain ?, page-9

I don't know why that is surprising. There's not just cash costs, but also the non-cash costs. These can be found as D & A (Depreciation & Amortisation).

For WSA the EBITDA was 61 million, the EBIT was 44 million, so non-cash D&A were 44 million.

And in that respect Mincor is more efficient than WSA. Giving it a very quick look I would say that WSA uses about twice as much capital per dollar to generate nickel revenue as Mincor. So Mincors non-cash D & A costs are a lot lower.