I too have found no evidence of HP not being successful with tropical laterites ,in fact as was pointed out recoveries have bettered Caldag.Also note BHP are expanding Cerro Matoso in Columbia (sovereign risk ?)incorporating HP on tropical laterites.As a rough valuation Acoje producing 20,500tNi/annum at $US6 /lb has free cash of $108 mil on rev. of $260mil ie $40 mil for RML current cap $18mil apply p.e. of say 8 =price $1+ at $US9/lb this would go straight to the bottom line and you could double the price.This is before PGM,s Chrome and Tampakan.At 7.5c/share seems a more than reasonable punt to me ie downside 7.5C upside $,s -like the way Rob Gregory has gone about his business.
