The majors collectively shoot themselves in the foot when material increments to supply are made from high cost operations. As well .security to individual companies lies with being the"low-cost producer" or at least in the lower quartiles. Having said that, world wide pricing and average costs are a slightly different issue in which currencies will play a huge  role. Here are some current positives:

1) North American currencies will collectively remain weak for a while, effectively improving N.Am. cost competitiveness;

2)World demand for Ni is expected to recover with SS production . The US housing recession has been baked in for over a year.

3)While we need to hope as the majors do that closing marginal ops will offset increased supply from new low- cost mines such as Ambatovy, NOT is going to be quite unique in that from a Ni standpoint, it may have a negative cost of production due to PGM's. etc.

Conclusion, NOT being low-cost, high-grade, in the most secure region of the world, will be a prize regardless , unless there is a world-wide recession. Try as he might, even GB is unlikely to engineer that!!