Appreciate your reply, MN, however, I need to correct you on something.
Umicore acquired the cobalt refining & cathode precursor activities at Kokkola from Freeport Cobalt for US$203m in late 2019.
Umicore did not acquire the cobalt fine powders, chemicals, catalysts, ceramics & pigments activities (same site) - they remained with Freeport Cobalt. Why?
It is my understanding that - as Europe's largest cobalt refinery - the regulatory authorities did not want a single owner/operator of the refinery. Bryce mentioned this in one of his many interviews - can't recall which one specifically. I think Freeport had originally hoped to sell the lot to Umicore, but were blocked from doing so.
Jervois ended up acquiring Freeport Cobalt & the contractual rights to refining capacity & downstream production. I'd be very surprised if they would be allowed to sell these to Umicore.
The smartest thing Jervois have done in recent times is link the bondholder on to the equity side via the con notes last year. Those notes were unsecured, so the bondholder will lose twice if this business falls owner.
(20min delay)