Lateritic nickel ore deposits are surficial, weathered rinds formed on ultramafic rocks. They account for 73% of the continental world's nickel resources and will be the dominant source for the mining of nickel. The price of $42MT is for laterite nickel 1.5% minimum FOB Philippines seaport. If the buyer requires CIF they have to pay the FOB price plus freight and insurance costs for the vessel to be arranged by the buyer or the seller
