First Quantum Minerals (FQM) purchased the Ravensthorpe Nickel Operation (RNO) in November 2009 from former owners, BHP Billiton. Following significant modifications to the circuit, FQM started operating in October 2011 and reached ‘commercial production' on December 28. The operation was placed on care and maintenance in 2017. We have assumed a probable restart in 2020 with an improvement in nickel prices. 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.