Hi all,The link to watch the presentation (14 mins) on demand is...

Hi all,

The link to watch the presentation (14 mins) on demand is here: https://t.co/sQ7IfkH646?amp=1

A lot of it we already know but there were a few interesting points on Freeport Cobalt:

• Now branded ‘Jervois Finland’
• "There is a group of long-term cobalt hydroxide supply arrangements from leading Tier 1 suppliers, significantly in the money, extending out for up to ten years, then there is also a contract book of essentially every major consumer in Japan, Europe and the United States of advanced cobalt products. It really is the pre-eminent supply facility in the Western World."
• "The risk is asymmetric in terms of pricing... (2020 EBITDA of US$21m vs 2018 EBITDA of US$83m) we are essentially buying at the bottom of the cycle but then with this significant upside optionality to take advantage of higher cobalt prices".
• "The Jervois flag is flying over the complex, we're really excited to be part of the finished battery raw materials supply chain; the Government is obviously very supportive and very ambitious in what they hope to do in terms of the European supply of advanced products to support the OEMS as they also expand car production in Europe."
• “The flexibility this gives us across the three sites (ICO, SMP, Finland) is profound... this asset just really does provide us a platform that gives automatic credibility and critical mass; we’re no longer buying just 2,000 tonnes of cobalt hydroxide to put through SMP, we’re buying 8,500 – scale in this industry matters, presence matters, this really does put us at the pointy end of what I think is going to be a really exciting location in terms of the way the European industry unfolds in this area”.
• "There is the ability to de-risk SMP... there’s an opportunity to really integrate these (Finland and Brazil); we’re not about buying a disparate portfolio of assets that have no operating relationship to each other, we’re about building an operating business and this is a fantastic start”.

Worth a listen.

Cheers,
m