we are going to rocket, page-5

They have 100% offtake via Norilsk and Votorantim until 2014.

"....secured Norilsk, the largest nickel producer in the world, as an off‐take partner for 50% of our nickel sulphide concentrates...The Company recently announced a separate 5 year off‐take agreement with Votorantim of Brazil for 50% of nickel concentrate produced, so off‐take agreements are now secured for 100% of nickel concentrate produced by the Santa Rita project until the end of 2014."

Also Mirabela have hedged Nickel from July 2010 to March 2014, and Cu a little longer.

"PERTH, AUSTRALIA. Mirabela Nickel Limited (TSX: MNB, ASX: MBN) is pleased to announce that it has completed all nickel and copper hedging required for its Senior Debt loan arrangements for the Santa Rita project.
The hedging comprises:
o 17,000t of Ni forward sold at an average price of US$8.00lb over the period July 2010 to March 2014
o 9,000t of Cu forward sold at an average price of US$2.73lb over the period April 2011 to March 2015
This represents about 20% of payable nickel production and 40% of payable copper over the 4.5 year payback period of the Senior Debt and less than 5% of current life of mine payable nickel. There is no hedging prior to July 2010 giving the Company a year to commission and ramp up production prior to commencement of Senior Debt repayments and hedging commitments."

I'm not certain on this, but i don't think Mirabella receive the above for their concentrate. I think it was someone on this thread (the MBN thread) that stated they will probably receive 70% of these figures at the minegate from the 2 off-take partners.

I have been using just over US$6/lb of concentrate for my calculations. Please correct me if i'm wrong.

Again i am not certain of this, but there was something in the Norlisk off-take announcement that leads me to believe it is correct:

“The agreement with Norilsk meets our expectations on net payments for nickel and various credits.” This came out the same day as the hedging announcement. Which leads me to believe the price they will receive for their concentrate is negotiated outside of the hedging. Which begs the question for me, what is the hedging hedging? or something like that

I'm sure its a very simple answer just need someone who knows to let me know. or something like that

Cheers
skegsi