Page 18 - ANC22-Presentations-Weds

Nickel Supply

• The first quartile of the 2020 CRU cash cost curve is
dominated by concentrates operations. NPI Conc HPAL FeNi

• These operations benefit from tried and tested low-cost

froth floatation processing along with revenue streams
from multiple metals as these mines are generally
polymetallic in nature.

• In 2022, the lowest cost sites are Platinum mines CRU value adjusted cash cost, including royalties 2022 Nickel Cash Price

producing nickel as by products (South Africa) alongside
some PGM rich mines in Russia (Polar) and Canada
(Glencore INO, Vale Sudbury)

• There are 2 main definitions of mine costs; cash costs and

all-in-sustaining cost. In effect, they show how much it
costs a mining operation to produce a tonne of Nickel. Cumulative nickel production, '000
tonnes

Data: CRU 10