Agree, plus if John would remember any current discount is to the price that they were not prepared to pay two years ago, after doing their due diligence. And no one else was either.
I would expect that if they wrap up WSA they will be even less inclined to bid for PAN, as they will have achieved the continuity of their nickel business they so desperately needed and sought, and quite a few optionalities including for downstream processing.
Of course PAN might still be quite attractive to them. PAN produces quite a low nickel content concentrate, which has high transportation costs and won’t be getting the best of payabilities. Recovery is not so flash either. Perhaps IGO’s process is able to add quite a bit of value, though probably no more than it would’ve two years ago.
I am just happy to see my small holding get close to being in the money again. I suspect we are fairly fully valued now, but then with cashflow now we are fairly well derisked after a horrible restart.
EL
PAN Price at posting:
29.3¢ Sentiment: Hold Disclosure: Held
