No reason for deal to fall over IMO. Cu was at $2.70's lows...

No reason for deal to fall over IMO.

Cu was at $2.70's lows around the time the deal was made. Back there now but one of the most bullish metals over the next few years (in my view)

Cobalt was trading around $29k per tonne. Bounced back to $34k/t now and KCC etc are revising production expectations down.

Deal valued NZC at A$110m. NPV at current metal prices is $US108m. So they paid about 40% unders.

However NZC with a SX-EW plant which Chengtun had at current metal prices has an NPV of c. US$204m.

They got a steal. No way they let it fallover. Huayou and Tembo keen from this end. If court approves in 2 weeks this is sealed and I expect arbitrage to close.