There's a building expectation Cobalt pricing will see a...

There's a building expectation Cobalt pricing will see a correction over next year, and this may occur ahead of the copper price recovery some are predicting.  I'm skeptical but interested in the idea.

I've been looking for copper producers who are highly leveraged to copper price but with cobalt credits, to potentially enjoy the boost of potential cobalt price increase medium term and then later copper price increase all falling to bottom line.  I also prefer Copper to Nickel based cobalt resources as I believe in the eventual Copper recovery more than Nickel, but I'm no expert.

Interestingly, TGS are producing copper without any cobalt credits to offset copper costs and are producing at a very affordable cost / still operating very well during the current environment, showing people like Glencore what you can do if you roll up your sleeves.

I called TGS to find out what was being done about the cobalt resources, and they (Nathan), said that they have done nothing with it in the past as they were focused on Copper and they are currently looking at it (as in - right now).  In my mind - there is some potential upside here to give them some medium term relief before a potential copper price recovery.   In addition to proved up resources there's probably even a decent grade of cobalt in the mine tailings / waste dump. (There's a mine that does or did this in Uganda)

Keen to hear other thoughts, all very speculative BUT - certainly not as speculative as all the junior cobalt stocks that have seen gains of 100% in last three weeks, despite having a smaller Co resource and lower grade, and needing millions spent on drilling, PFS, DFS, BFS, hundreds of millions on Capex. This is by contrast is next to an operating mine with great efficiency and surviving in a very difficult time for Copper.

From their last investor presentation: