Snippet from another announcement from AUZ regarding SCONI.
Australian Mines Managing Director, Benjamin Bell,commented: “Mercedes Benz, Volkswagen, Ford, General Motors … even Porsche, are all in agreement that electric vehicles represent the future for the automotive industry. As a result, almost every global car manufacturer is expanding their range of battery-powered vehicles to accommodate this. “Fundamental to the success of vehicle manufacturers delivering on their electric vehicle strategy is their ability to secure ethnically-sourced, stable long-term supply of battery precursor chemicals – principally cobalt sulphate. “Once in production, the Sconi Project in North Queensland is expected to be one of the 10 largest producers of cobalt in the world, with expected average annual revenue of more than half a billion dollars for at least the next 18 to 20 years.
And shareholders 'dare' question managements decision to divest the project for less than 50% of sunk costs whilst chasing a debt laden deal which was deemed 'not fair' by an independent analysis.
