Ann: Winmar to seek Dual Listing on London Stock Exchange, page-182

To me it makes sense. the cost of the ore supply is based on the quality and concentrate. This is the variable part which is linked to the LME price apparently.
All the other cost inputs are unchanged by variations in the price of our product sold.

Lets say the ore could range around the 10% of total costs of production. That means only the 10% will reduce if the price of cobalt drops and is the variable component only. the 90% of our costs will remain the same.

This will mean you have far less profit of course.

None of the above is meant to represent a estimation f the proportion of input costs and are simply stated in order of ease of understanding