Ann: Exercise of Option to Acquire QPM, page-17

Indeed. This is the only way. The extra circa 0.8-1% Nickel and 0.5-0.8% Co makes a big big difference to the bottom line

The history of importing ore at Yabulu is pretty interesting

From 1989-2016 imported ore from NC
from 1995 on wards all ore feed was imported

During that time it 
- floated on stock exchange 1992 
- Was bought out by Billiton (later merged with BHP) in 1997

All this with dinosaur Caron Process tech and no further refinement into sulphates

Theres a long history of importing ore in Townsville. Lots of value here at circa $5m MC


https://www.qni.com.au/about-qn/our-history/

	1974	Yabulu Nickel Refinery completed and commissioned
1	1986	First test shipments of imported ore arrived at Yabulu from Indonesia and New Caledonia
2	1988	First regular shipments of Indonesian ore arrive
3	1989	First regular shipments of New Caledonian ore arrive
4	1989	The Palmer Nickel and Cobalt Refinery’s internationally patented ammoniac AL solvent extraction technology is introduced to the refining process to significantly improve the separation of nickel and cobalt
5	1992	QNI Limited incorporated on 30 April 1992 and then listed on the Australian Stock Exchange on 24 September 1992
6	1992	Mining at Greenvale ceases
7	1993	Last ore railment from Greenvale to Yabulu
8	1993	Mining at Brolga commences
9	1995	QNI Limited acquires 100 percent ownership of the assets of the QNI Group
10	1995	Mining at Brolga ceases
11	1995	All ore feed for the Refinery imported from overseas
12	1996	The cobalt plant is built at the Palmer Nickel and Cobalt Refinery
13	1996	The imported ore handling system is built at Port of Townsville
14	1997	The Refinery is purchased by South African owned Billiton
15	2001	BHP and Billiton merge. The Refinery becomes a wholly owned BHP Billiton asset
16	2007	The Yabulu Expansion Project is completed. The completion of the expansion sees Yabulu processing ore from BHP Billiton’s Ravensthorpe mine in Western Australia
17	2009	Following an Options Study, Mr Clive Palmer purchases Queensland Nickel Pty Ltd and the Refinery
18	2016	Palmer Nickel and Cobalt Refinery enters care and maintenance