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HPAL: Upping The Pressure

HPAL: Upping The Gabb Director, SalesMarch 2018 Introduction TomymindthereisadisconnectbetweentheEV-i nspiredoptimismthathasledtorenewedintere stinnickellateriteprojectsprocessingviaH PAL( ,MLX),andtherealityofbuildingandoperatin gthem. ThereisnodoubtthatthedawningoftheEVmarke twillsignificantlybenefitnickel(sulphate ) SimilartoourGoldPOXreviewlastyear,thispr esentationreviewstheexperienceofallgloba lHPAL nickeloperationsaswellsomeoftheprojectde velopers. Keypoints: ,butit ~1,600kPahigherthaninPOX(+54%),withtempe ratures+37oC(+17%).CapexaveragesUS$49k/t Ni. , ,MurrinMurrin,Goroetc. >80%inyeartwo. , Laterites Overthelast15yearstheemergenceofNPIhasse ensupplyfromlateritesgrowfrom~40%to~65%a ndthistrendissettocontinue DepositFormation:Lateritesareformedbywea theringofolivine-richultramaficrocks,res ultinginnickelaccumulation(andtypicallya nassociatedcobaltenrichment) ,saprolite( ,highMg,lowFe,lowCo)andlimonite( ,lowMg,highFe,highCo).

Nickel Laterites Over the last 15 years the emergence of NPI has seen supply from laterites grow from ~40% to ~65% and this trend is set to continue –Norilsk sees 550kt of new laterite supply between 2016-2025 vs. a drop of 50kt from

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