Here is an excerpt of a report, in 2004, I found by Grange...

Here is an excerpt of a report, in 2004, I found by Grange Securities which supports my theory about Glencore possibly taking over GME after they complete the Minara deal.

GME has acquired a 100% interest in NiWest Limited and full ownership
of a large nickel-cobalt laterite resource in the Eastern Goldfields of
Western Australia in close proximity to the Murrun Murrin JV plant.
The 123Mt resource contains a high grade component of 38.4Mt at 1.3%
Ni and 0.08% Co for 0.5Mt Ni and 35,000t of Co metal insitu.
GME plan to commence infill drilling in July 2004 on the high grade
resources to upgrade the inferred resource to a measured or probable
reserve category.
As a result of the Murrin Murrin JV?s willingness to access high grades
over 1.3% Ni, as seen by transitional material sourced from a recent deal
with WMC Leinster nickel operations, we estimate that the component of
the GME resource above 1.3% will equate to approximately A$134M in
revenue to GME in the short term or A$0.74 per share.
GME Resources Limited - DRAFT
19 May 2004
Recommendation: ......... SPEC. BUY
Share Price: .........................A$0.12
Price target: ........................A$0.74
Avg. mthly turnover: .............. 4.3M
Price range
low/high:................ A$0.01-A$0.17
Shares on issue: ................. 180.6M
Options:.................................. 0.0M
Diluted MCap:................... A$21.7M
The Murrin Murrin JV partners, Minara Resoures and Glencore
Interntational would yield substantial long term benefits of a full
acquisition of the GME laterite resources. We estimate a present value of
A$573M for the high grade resource only if processed through the Murrin
Murrin plant from 2009 onwards.
GME also holds gold and base metal exploration tenure in the Leonora
and Laverton region of WA.
We recommend GME as a SPECULATIVE BUY based on the potential
revenue derived from a 1.8% high grade feed as a realistic short term
value to GME of A$134M or A$0.74 per share. Our value range expands to
A$271M or A$1.50 per share for the value upside of a sale of the resource
to the Murrin Murrin JV partners, Minara and Glencore.