BHP is bidding for Anglo American. Initial reports suggest BHP is uninterested in AAL's nickel, with no discernible synergies with NickelWest. Also, AAL is the 40% owner with S32 of their Manganese JV.
Expect GK & team to bid for the Barro Alto and Codemin nickel mines in Brazil which produce ~40kt pa. Given Nickel's recent oversupply problems with fresh production coming out of Indonesia, the mines are likely to be inexpensive.
In manganese, the JV partner would have pre-emptive rights should the other wish to sell. A third-party buyer would be getting a passive 40% with S32 the operator, so cheap.
No problems. Watch and wait.
Ash
S32 Price at posting:
$3.31 Sentiment: Buy Disclosure: Held
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