Talga DFS / JV, page-95

Cat dog

My take.

A battery maker like Northvolt most likely, lots of talk about vertical integration by battery manufacturers and Northvoly is "next door".

Next most likely a car maker perhaps VW which has already announced plans to bring battery manufacture in house.

LKAB/Mtsui really just bit players in the anode manufacturing process.

As for timing, a takeover is a risk both long and short term but not medium term.

Talga most vulnerable in the period up until mining approval granted...and when supply catches up with demand post 2030.

No risk of a forced takeover medium term (2022 to 2030)...seller's market.

Any offer for the anode business during this period would have to be at a substantial premium.

Long term industry rationalisation on the cards, twenty years out there will be fewer car makers and mergers of car makers and battery gigafactories and raw material suppliers...only way to keep cutting costs.