RE:Lets start the repurchase! - "Nickel 28’s cash distribution from Ramu in H1 2021 was US$19.3 million of which $10.2 million was used to retire the operating debt and $5.9 million was used to pay down the construction debt netting the balance of $3.2 million which has been received by Nickel 28."
IMO NKL should use all available cash flow to pay off the construction debt as quickly as possible in order to receive a higher share of Ramu's cash flow. As per the 6/21 presentation, NKL expected construction debt to be a bit more than $60m. With the higher NI prices, this could be even lower.