A operational deal between CBH and PEM is a possibilty.
A takeover of CBH to PEM not at option IMO. Apart from the fact well documented difference between offtake/major shareholders, and the fact that PEM won't have enough clout, CBH focus is not just on Zinc so based on your second statement that conflicts with PEM's strategy.
One practical option for both parties could be for the RASP mine to be sold to PEM but not sure that will happen.
cbh and pem, page-3
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