Glencore chief executive Gary Nagle just bunged a $34bn offer to...

Glencore chief executive Gary Nagle just bunged a $34bn offer to buy Teck the Canadian copper, Nagle said "the combination would create a leading player in cobalt and copper, crucial for the transition to less polluting forms of energy" See that ref to cobalt and Glencore have lots of DRC cobalt, interesting indeed, not sure it will get up but that's not important for me, its the cash I see. I no longer have any idea of what a COB going forward will look like, I am not sure what form it will end up with. The space it is in is truly massive, will it stay a single entity can it negotiate a deal with friendly off takers, will it co-refine on some equity deal or will cash just buy it, MC is now is $135m, pocket money to a BHP or a player in the WA critical minerals mining hub, this refining business is moving at warp speed. Some say bolt it on, Wesfarmers are good at that stuff, what could a bolt on look like, well in effect its another feed and all that but many do it at sites now. WA's Murrin Murrin Nickel-Cobalt plant do that as do most copper players, see in pic below. Just an example, which makes me think, is a remote plant in BH the only option.




We have seen massive once in a generation regulatory shifts by governments all over the world, each seeing the need to promote/protect critical minerals, that alone is no small thing. Now we are seeing big money scrambling/moving to cash in on renewables by whatever means they have. Some have lots of cash, as in this Glencore/Teck example, COB is a tiny insignificant fish swimming in waters with massive currents which could throw it in almost any direction, most if not all positive from where it sits right now, no new announcements (a few space fillers) of significance has been issued by COB for a very long time, zero IMO, this maybe telling, time will tell I guess.

Cheers
Phil.