Next train station: "$2-town", page-92

BHP's got a difficult decision to make. Do they focus on the materials they do well already, or do they do a focused expansion into a wider set of decarbonisation materials including more of the set needed for EV's.

When you look at BHP's front page I just get the feeling a speciality decarbonisation metals and minerals division will be created. BHP may (or may not) put Nickel directly into this, but it would then look to expand into battery metals and minerals including Lithium. This would mean that when they have discussions with auto makers and battery makers they can offer most, if not all the metals the customer wants and they can then become a one-stop shop for the customer with obvious competitive advantages. To do that would require modest exposure to manganese so NCM batteries are supported. It would need a quick pathway to high purity manganese so as to provide a non-chinese option. E25 would fit that requirement pretty well. If the relationship with S32 is still strong and good, it materially lowers the chances of anything like BHP re-entering Manganese.