I know production only started Q4 2009, but I thought cash costs in Q1 2010 would be well below the U$8.12/lb reported. which by the way exludes royalties, which adds another 5.5%!!
Realised nickel price of $9.70 exludes hedging, of which MBN has a reasonable amount between $6.50 and $8.00 per pound... if you factor that in then it was likely a cash neutral scenario, and this is only on a cash cost basis!
I can't see the true value of this mine being unlocked until they upgrade to 6.4mt/p.a. but ore grades and recovery continue to be a concern.
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