Okay, all right. Let’s talk about the Nickel market. For the last year the spot price of Nickel has been steadily climbing. Some people think it’s going to go the same way as Cobalt where the price will inevitably shoot upwards over the next few years, because of electric vehicles and especially the fundamental issues regarding class one Nickel. What’s your opinion on the nickel market at the moment?

Let me begin by saying I like the nickel market and I have for quite some time. You and I did an interview some time ago where we talked about the fact that resource markets can recover as a consequence of supply destruction, and that’s happened in the nickel market.

It’s difficult to add new productive capacity to a market, it takes a long time, so that the commodity price can overshoot in the long side, which will happen in nickel. Nickel is, however, very different than Cobalt. It’s a large and broad market and the sources of Nickel are diverse, unlike cobalt, which comes from Congo or Russia, really. So in terms of the explosive upside that you saw and may continue to see in Cobalt, I don’t think that you’ll see that in Nickel. What you will see in Nickel, though, is a business that will go as a business itself from negative 20% or 25% operating margins, to positive 50% operating margins. It’ll got to 50% operating margins in tonnage that will make an enormous difference.

The Nickel business is a very, very good business from my point of view. Now, again, you have to deal with the fact that if you want a really, really top quality nickel company, the top Nickel company in the world, you have to go to a Russian company, you have to be comfortable with that.

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