Nickel

A.C. = w₀L_hS_f Labour ✦132 Shadow wage w₀ ✦16 an hour × L_h 3 hours per tonne × skill factor S_f 2.76 S_f for energy: training ✦60,000 against ✦45,000, queue 30 hours against 48 + Σ q_iP_irλ_i Materials ✦0 A raw material, with no recipe inputs. + (D + M_o)α_e Capital ✦6,525 Depreciation and maintenance ✦4,500 per tonne × financing 1.45 × waste factor α_e 1.00 Financing is interest at 6% on equipment's average value over a 15-year life. α_e is 1.00 when maintenance hours and defects are on target. + Ep_e Energy ✦500 E 10,000 kWh per tonne × p_e ✦0.05 per kWh = ✦7,157

A.V. = rP*_world Accounted value ✦12,590 per tonne World price $8,500 per tonne less freight and insurance 1.23% = P* $8,395 × r 1.5 crowns per US dollar Export parity: the price at the Commonwealth border for a good it sells abroad. Observed abroad, not calculated: a wasteful producer raises only its own cost. = ✦12,590

Revenue = A.V. × Q Accounted revenue ✦354 m p.a. Domestic: 14,050 t × ✦12,590 = ✦177 m Exports: 14,050 t × ✦12,590 = ✦177 m = ✦354 m

Surplus = (A.V. − A.C.) × Q − levies Accounted surplus ✦126 m p.a. Revenue ✦354 m − cost ✦7,157 × 28,100 t = ✦153 m Export charges ✦26.5 m: 15% of export revenue (federal levy and permit fee) Distributed 40% to reinvestment, 20% to the municipal aggregate and 40% swept to the Treasury. = ✦126 m