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And... In case you'd missed it in all the excitement over the last 18 months...
"Tesla to buy cobalt from Glencore for new car plants" https://amp.ft.com/content/aa09dbcb-37ed-4010-a0ee-ab6cfab4d4b5
Glencore are going to need more Cobalt, preferably away from DRC and child labour. Wonder where they may look?
Vermelho is forecast to produce 1250 tons of Cobalt annually as well as 25-30kt of nickel, subject to final DFS.
Glencore's nickel page has a rather obvious omission...
"Nickel" https://www.glencore.com/what-we-do/metals-and-minerals/nickel
Interesting that they produced only 110kt globally in 2020, but generated $591m EBITDA from it at the significantly lower 2020 price point.
Be even nicer if Tesla thought the same way. I realise that’s a pipe dream currently!
Wasa you make a great point.
Up until now Ive felt 95% certain it would be Orion especially after interviews in which they compliment HZM and on to talk about how they operate, getting to know a business with a small investment, $25m in our case, and then invest more heavily after a period of under the hood favourable due diligence.
But you are right - why would Glencore permit 30% of all hzm future producing assets to be stolen from under them. Trading nickel is a core business for them and they of all our partners must know just how tight that market is about to get.
If it is Glencore the deal must be heavily structured towards offtakes and lessen dilution. Good for us all and something we will know the answer to very soon.
Good evening again Bwana,
This is the final post before my head does hit the sack .
What I am truly waiting to happen is for Brewdog to finally deliver an IPO within the next year.
I am one of the first one hundred shareholders in the company and have listened to the promises over the years about floating on the stock market.
It is pleasing to note Allan Leighton ( ex ASDA chairman) has now been appointed Chairman just ahead of Q3 end . This is maybe to charge up a good Q4 end to the year Jan to Dec with a new year IPO in the offing.
Brewdog wouldn't appoint someone of such a high calibre as Leighton unless they were aiming to float on a more accessible stock exchange than the current EFP trading day they currently do plus recent negative publicity about employee relations had to be addressed.
Here's hoping that is the case and golf can become a daily occurrence. By the way guys I'll do my best to make sure we have a party of some kind for my Horizonte pals who are a very decent bunch.
Definitely night, night,
Hairy Futtret
Good evening again Bwana,
Haha , I like your style.
Glenfiddich , aye but an 18 year old does me . I am also fond of the stuff that the " Twelve men of Tain " produce preferably from a sherry cask .
Unfortunately it gives me a rather sore head the following morning. Perhaps that is down to the amount I put in a glass with little eau .
Keep up the good posts .
Definitely time for a night cap ;)
Hairy Futtret
Hairy Futtret,
I imagine you in you Edwardian pile puffing on a Partagas 54 and sipping a '68 Glefiddich (or possibly a Coirvissier '78) and musing about how nickel and possibly HZM will keep you in the style you are accustomed to.
All in jest of course:))
Good evening Wasa ,
You make a very good point .
As a wise old man once said " it all comes down to interpretation " . Patience is a virtue and just holding the rein for a wee while longer may just pay dividends.
That's just my humble thought.
Night, night all . Early start in the morning.
Hairy Futtret
Soundbuy,
Vermelho was drilled to death by Vale, area wise it is tiny compared to the other licenses and has had a thousand plus drills.
The various other licenses under the general banner 'Araguaia' and Serra Do Tapa that are under explored. Have a look at the relative license sizes and the Vale historic drill records.
Sure JM has mentioned that Vermelho could have a lifecycle of 50yrs +.
Simply never been drilled.....
Do Glencore want to buy Vermelho nickel from Orion? Or from themselves. That is the question I am asking myself, and I come down on the side of 'themselves'. Bearing in mind the lifecycle of Vermelho is best part of 40 years or so.