I did not realize Co had just recently jumped another $2.
We know from the Maibele JORC Ni grade was (if I recall correctly) 0.73%, so for arguments sake say 0.7%. Lets assume Co will average say 550 ppm or 0.055%.
Nickel fell a bit overnight and is just over US 4 c/lb, Co is now USD 27.9 cents per lb., it's 52 week high point.
1% cobalt would be (say) 22lb per tonne ore.
Therefore 550 ppm or 0.055% should yield (say) 1.2 lb/t ore, which at USD 27.9/lb would equate to say USD 33.48 per ore ton.
Given the Ni content is 0.7% it's value at US 4 cents/lb is about USD 61.60 ( 0.7% = 15.4lb/t at $4).
So the cobalt content (on these rough assumptions) would be more than half the value of the nickel.
Very interesting given the much lower Ni grades of both Nkomati and Tati in comparison to Maibele North ore (using the term ore loosely as it's not technically "ore" until mined or mine-able, if I understand correctly), yet both of those deposits are said by KPMG to be being sought by possible buyers....of course sizes of the deposits proven favour N and T , M-N being a lot smaller in comparison.
Regards.
BML Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
