the trainer and the horse., page-19

You really don't read what people write do you.
Your analogy was Ravensthorpe = Makybe Diva.
I don't agree because Ravensthorpe has not been "raced" yet, so therefore would not start favorite.
The JRV Vs BHP is just absurd. Of course they don't have that sort of backing. If balls means spending $2.3 billion of company funds on a nickel laterite project, what alternative did they have? The resource needs to be developed.
Your comments seem to imply I am critical of Ravensthorpe. Far from it. If BHP can make this a success the whole mining industry will benefit and that will include future projects such as Young. Ravensthorpe's success is critical to attract funding for nickel laterite projects.
As to your figures here's some from the BHP web site and others.
1/10/2004 - Project cost US$1.4 billion
Nov 2006 - Total budget of US$2.2 billion
2007 Annual - Ravensthorpe eperiencing significant cost pressures of more than 30%.

ABS Rural - 23/5/2008. Official opening of Ravensthorpe which is a $US2.2b project
Afr.com - 24/5/2008. Ravensthorpe $2.3b project (A$)
Perth Now - 20/5/2008 Ravensthorpe $2.3b project(A).
Some of these figures are US$ and some A$, none match up with your figures.

For those of you that are interested have a look at this article: http://www.news.com.au/perthnow/story/0,21598,23729925-951,00.html

Deepdiver