Impact of $ 10 nickel prices on Moa JVTheir presentation on the Cobatlt Swap includes a sensitivity analysis which shows 120 M Free Cash and 180 M EBIDTA for their quota share of the Moa/Fort JV at $ 10/pound nickel with NDCC 5.25 and 31,000 MT Nickel with 90 M of capex. This was more than enough to cover the 57 M quote share of distribution.
With NDCC now at 7 (avg), seems to me that Free Cash and EBIDTA would be reduced by roughly 60 M which now would be 60 M/120 M.
So seems to me that at current nickel price at $ 10, the Cobalt Swap is still covered. Heck, we could receive an additional distribution before the end of the year.
GLTA