LG's FIRST Cobalt upstream investment is with COB. In fact, although there is plenty of talk of upstream cobalt investment from CATL, VW, apple, Tesla and others - I am unaware of any big player JV announcements apart from LG and COB.
COB has been smart about this and only offered a small enough % so as not to allow the blocking of future offers from other downstream companies.
Why is COB uniquely attractive to LG (and others)? It is the only PURE Cobalt play of scale in the world, which means downstream companies aren't spending large amounts of capital / taking unnecessary risks on non-fundamental mineral assets like Nickel, Copper - These are really Nickel and Copper mines with Cobalt by-product.
Yes, there are plenty of opportunities in and around Broken Hill - Definitely potential there. This is still just potential though and we should be looking at the current market value of COB and on its basic fundamentals, it is considerably undervalued at the moment.
With the PFS coming, COB marches on with another de-risking step. This should boost the SP considerably. The Mcap is in the sweet spot now of being large enough for insto's to invest in, while still having room for considerable growth. On top of this, the mcap now provides multiple avenues for financing.
There is also the very real potential of an attractive offer from one of the big players wanting to secure this important piece of the EV chain. LG has scoured the globe and picked out COB. This marks COB as a takeover target.
Good things come to those who wait.
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