I don't think anyone is seriously talking about $18/share - that is just a calculation based on contained nickel at Acoje.
But other points in your post do require a response.
You state doubts about the HL working on the tropical ores yet trials have been ongoing for a very long time at Acoje and the results there have EXCEEDED those at the Turkish Caldag project - the leach times for the Saprolite ore is particularly rapid relative to Caldag.
The Acoje Pre-Feasibility Study came up with a cash cost of US$1.6/lb Ni (net of by-products) and those costs factored in the quantities of sulphuric acid, etc required for recovery of the Mixed Hydroxide Product. In fact, the PFS calculates a net gain of US$10m pa from the acid plant as surplus electricity is sold to the Philippine grid.
The current trial is hardly an 'experiment'. It involves stacking 3,000 tonnes ore at the same height as for commercial production and is designed to PROVE the full scale viability of the HL operation.
What I find particularly encouraging is that the trials at Acoje appear to be now going further by attempting to separate the Nickel and Cobalt from the MHP in order to provide an even higher value-added product - ie. lower cost & less refining.
I do not understand your comment regarding the ProActive article you reference to. That article is highly positive and (apart from NOT being a broker) I just do not get where you are coming up with a 80% discount for Caldag ???
Of course, since Wendy Durham wrote that article we have heard that TCC consider they can reduce CAPEX for Acoje by 15% and we have also witnessed a significant improvement in World nickel prices.
RML remains, in my opinion, significantly under-valued on it's potential as a nickel/cobalt producer using the HL processing method. Investors need to take a multi-year view because, clearly, full=scale production is unlikely before 2011/2012. First there must be the results from the DFS (due 2010), then a funding deal, then construction, before finally reaching production. Perhaps there will be an all-paper merger with ENK along the way - I am assuming that is quite likely. But for investors who wish to buy a promising asset when the price is low and then hold for long-term cash-flow - RML looks an inviting prospect IMHO. But please DYOR.
