As usual, very good points John,

We should also note that the smelting costs for these laterite or "pig nickel" concentrates are likely to increase in the near future. These processes utilize unusually large amounts of energy and are highly pollutant. In light of the rising energy costs and the good possibility that the Chinese government will at least reduce if not eliminate its energy subsidies, there's a very good chance the smeltering costs will increase dramatically.

The best

S