I also wouldn't also discount the possibility of a customer facing brand teaming up with a battery producer to make a bid (Panasonic/Tesla, VW/Samsung SDI, BMW/Samsung SDI etc).
There is value for consumer brands to say their cobalt/nickel is completely child labour free and value for battery producers to tie up the chemicals.
I would imagine the Japanese would want it more based on their history in developing the Li battery tech (and not wanting to be left behind in the race vs China/Korea), appetite to fund large raw material projects, access to cheap debt financing.
Ann: KPMG appointed Corporate Advisor for Ardea Strategic Partner, page-41
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