Interview with Industry Commentator Mark Selby, CEO of Canada Nickel Company Matthew Gordon: If someone's pitching to the market, they can build a HPal operation for less than $1Bn. You've got to ask does that makes sense to me. Mark Selby: There's been one successful person, and that's the cheapest. They've built multiple plants. They built it in the Philippines, which is a very low-cost place to operate. If you use that as a benchmark. And then scale it up from there. If you're in a higher cost country than the Philippines, then that cost should go up. They only made an intermediate, they shipped an intermediate product that went to their existing refinery in Japan. If someone's going downstream and going to a final product, that should be another chunk of higher cost. Because some of the less successful plants, if you look at some of the CapEx numbers, they ballooned to $7Bn-$10Bn before they started to work even close to properly. So that's the upper end.
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