Recovery is key. Canada Nickel are looking at 90% payability with roasting compared to 70% from selling a concentrate at the smelter. Also CAD$10 per tonne opex which makes it very profitable but this article was from 2021 so some inflation since then.
Can Low-Grade Bulk Nickel Ever Be Profitable? Short Answer: Yes - Article | Crux Investor
Tier 1 Discovery, page-111
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