Largest cobalt resource with lowest valuation, page-53

They don't... but the "right" to mine something of that substantial value (at depressed Ni prices mind you) is worth something decent, not $40-50m.

Don't forget that Ni used to be 4-5x of current prices in the last cycle and Co was 2-3x as well even without EVs having been around.

The optionality this "right" provides to a mining major is tremendous. And as shale in the US has shown, people underestimate the pace at which technology evolves. What seemed unviable or less viable in the past is par for the course now!

DRC woes (Co), EV demand (Co,Ni), Steel recovery (Ni)... are all upside risks to the value of this "right". It may not be worth billions but it is surely not worth a few tens of millions either.