You Must Read This, page-13

Further to your comments, back in 2000 when a report was prepared for Black Range Minerals by Gillespie Economics, they had advised as follows: "65% of primary nickel consumption is in the manufacturing of stainless steel with other uses being non-ferrous alloys (12%), plating (7%), foundry (5%), alloy steels (5%), batteries (4%) and other uses (2%) (BRM, 2000). The world price of nickel has fluctuated between US$4,000/tonne (A$2.78/lb1) and US$10,000/tonne (A$6.98/lb) over the last 8 years. For the purpose of the economic analysis a conservative price of A$5.15/lb has been used for nickel (BRM, 2000). World production of cobalt is predominantly used in the manufacturing of chemicals with other uses including super alloys, magnets, carbide and diamond tools, hard facing and HS steel (BRM, 2000) World price of cobalt has fluctuated between US$11/lb (A$16.90/lb) and US$33/lb (A$50.70/lb) over the last 8 years. Given that cobalt production from the Syerston Project will substantially increase world production and therefore is likely to reduce the world price, a very conservative cobalt price of A$13.08/lb has been used in the analysis (BRM, 2000)." A lot has changed since then...