Around 80% of the matte is shipped to Japan and refined by Tokyo Nickel Co. Ltd (Vale 66.7%, SMM 12.8%, Daido Steel 8.6%, Mitsui 7%) at its Matsuzaka nickel oxide plant. Sumitomo (SMM) refines the balance at its Niihama MCLE refinery. The following analysis uses a third party refining charge based on the payability for the matte. Wood Mackenzie’s asset reports are built from the bottom up, incorporating a number of granular data metrics to ultimately produce our industry standard cash operating costs. This report contains a detailed asset note giving you a holistic view of the asset, including an operational overview through to a timeline of events from inception to now. This qualitative analysis is supplemented by the associated Excel download which enables interrogation of a whole series of cost and production metrics over the life of the asset.