Babjak, if the 2014 presentation was based on early 2013 metals/PGM pricing, perhaps that's what has caused the difference.  Gold was around $1600 I think in early 2013, and only dropped down to present levels in late 2013 (going by memory here).  So I'm wondering if input credits from the various PGM by-products have changed enough with that drop in Ag/Au/Cu etc pricing to no longer result in a net negative cost of Ni production.  I'm not sure that the math makes sense though.  If the value of by-products has dropped by say one-quarter, and that brought the overall cost of Ni production from -79 cents to over a dollar, that would mean that the total by-product credits are in the range of probably four or five dollars overall.  Could they be that high?  That seems odd to me.  If that's the case, you could almost label Eagles' Nest as a potential PGM mine first and foremost.

I don't feel that this is the correct explanation for your question.