Pertinent market/industry news/articles, page-639

Hi Hac,
Yes it was in reference to CLA which which I thought you were still a holder there as you seemed pretty bullish on them for a while. I think what this downturn highlighted is that pretty much all the project that are looking to get funding or get built will be assuming higher prices on cobalt as a base case otherwise projects simply won't get developed which will lead to supply risk in 3-5 years time. There is no cheap project with a fantastic IRR at low prices without taking a massive amount of sovereign risk.
ARL probably look the most attractive at this stage as they had pretty good numbers at $30/lb and $7.7/lb Ni with their 2.25Mt updated PFS. Agree with your point that funding will be the key and will be the catalyst for the major re-rating imo.

On NZC, I've seen in countries like Argentina which have better sovereign risk ratings than DRC shift they goal posts all the time. Yes on paper the IRR looks great however when you can't repatriate the funds outside the country (Argentina made it difficult for miners/exporters there for a while a few years ago) its a moot point how high the IRR is. It's a bet on Kabila not changing the rules again and that is far from certain. Chinese companies are able to mitigate that risk with their govt involvement.
Even Glasenberg made the comment in the past that he would be happy if the Chinese made him an offer on Glencore's DRC operations there.