"Even if Voisey’s 43% In-Situ premium is unrealistic today, a realistic 10% is still us$1B."
I say 40% is realistic today and 10% a steal. That theft is only possible in today's economic situation. It can not persist because it is unrealistically degrading the true value.

Inco paid that because that was the true value of the resource in the ground. To get it out of the ground, process it and send it to market, costs money,often about 10 to 20%. What remains is taxed in form of taxes, royalties and what have you, about 40 to 50 percent remains in your pocket as profit and that is the true value to you. That is what you need to pay to get it.

That 40% generally does not change in time. What changes is how it is perceived and that perception makes us think of 10 percent or even worse.
( Just as in 2008 NOT shares were priced at 7$. I say a large portion of that price was perception and expectation instead of true value.)
We have to be aware of what and why.
Sorry, but my mind simply refuses to think of NOT valued at 10% of in ground resources.

That is my reasoning of it. Ed.