This is in line with a series of consolidations & offtake deals...

This is in line with a series of consolidations & offtake deals in the WA Ni Industry last 6 months inc -
- BHP t/o of Noront premium 35%
- POSCO $300M equity invest into Ravensthorpe/FQM
- BHP/Tesla offtake deal $1Bpa with offtake unsuppliable as yet
- PAN Trafigura offtake deal $45M
- AF buys stakes in MCR 13% & PAN 5%
- WSA takes 20% stake in PAN
- BMM & AF reduce blocking stakes in POS to 13%

I have called last year that WSA MCR PAN POS are takeover targets & that WSA would go from $2 to $3-$4, so far looks a great call.

IGO needs to bid at least $3.40 imho as their MC is 10 times higher than WSA so it can consume the lot via scrip and become the clear 2nd largest Ni producer in Australia with the 2nd largest JORC.

IGO took over SIR back in 2014 for $2.1B now worth $3.5B and now this is 43% of its annual revenue.
Creasy is the Nickel King looks like
IGO offtake is 50% with BHP & 50% with Trafigura

BHP & Trafigura are the real ones behind this imho.

I consider WSA gone now.
Jinchuan offtake with WSA will be cut & BHP retained imho.

The only Ni targets left in Australia with near term production are POS MCR PAN
yet MCR have 100% offtake tied with BHP & PAN has 100% with Trafigura.
POS has no offtake signed at all holding back & exCEO of PAN is POS CEO.

The Chinese & AF are being cut out of Ni production globally looks like by the big boys.
AF/FMG Ni empire dreams lie in tatters
Jinchuan/Chinese & AF are the big loosers here.

$3-$4 target imho, spot on from my call last year.