I spent some time in nickel in WMC and later BHPBilliton. The...

I spent some time in nickel in WMC and later BHPBilliton. The holy grail was always to try and be counter-cyclical - invest when prices are low, and be in a position to ramp up production when prices recover.

If OZL takes this view, the time to develop would be now. However, we are finding that the resurgence in Iron Ore investment, as well as the lithium players coming online have pushed the construction industry price indexes up. Hence, a development now may attract higher capital cost than when it was estimated two/three years ago.

It will therefore be a gutsy decision - low commodity price (but with the hope of an imminent strong and lasting recovery), in a heated construction market.