Solid Q1 performance at Ramu The mine is running and highly profitable. What is still open is payability. Without this key number, the cash portion cannot be calculated exactly.
With the assumptions of Nickel 18 it looks like this:
Payability: 75% Ni (and 65% Co)
Quantity sold: 7914mt Ni (and 673mt Co)
Prices achieved: Ni 11.83/lb (and Co 16.98/lb)
Cash cost (net of by-product): $3.12/lb
Cobalt need not be accounted for as proceeds from cobalt are already included in cash costs.
Ramu Cash Flow:
7914 x 75% x 2205 x (11.83 - 3.12) = $114m.
Share of nickel 28 of 8.56%: 9.76m$ Cashflow. From this amount (almost 10m$) the sustaining CAPEX as well as the depreciation have to be deducted.
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