1 00:00:04,019 --> 00:00:06,420 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean 2 00:00:06,510 --> 00:00:10,470 Sean Aylmer: Aylmer. It's been a strange year for nickel miners. It's 3 00:00:10,470 --> 00:00:12,810 Sean Aylmer: a metal in demand, not just because of its use 4 00:00:12,810 --> 00:00:15,120 Sean Aylmer: in stainless steel, but of course because it's a key 5 00:00:15,120 --> 00:00:19,169 Sean Aylmer: component of batteries used in electric vehicles. The market was 6 00:00:19,170 --> 00:00:21,690 Sean Aylmer: already dealing with the war in Ukraine. Russia is the 7 00:00:21,690 --> 00:00:25,829 Sean Aylmer: world's third largest producer of nickel and the conflict saw buyers 8 00:00:25,829 --> 00:00:28,440 Sean Aylmer: looking for supplies from other parts of the world. But 9 00:00:28,440 --> 00:00:31,650 Sean Aylmer: then in March, a short position taken by Chinese tycoon 10 00:00:32,159 --> 00:00:37,979 Sean Aylmer: triggered an incredible price spike jumping to 100,000 US dollars 11 00:00:37,979 --> 00:00:40,409 Sean Aylmer: a ton. Now normally, it's around 20,000 US dollars a 12 00:00:40,409 --> 00:00:44,370 Sean Aylmer: ton. The situation deteriorated so quickly that the London Metals 13 00:00:44,370 --> 00:00:47,610 Sean Aylmer: Exchange had to step in and cancel billions of dollars 14 00:00:47,610 --> 00:00:51,030 Sean Aylmer: worth of trades. Prices are back to more normal levels, 15 00:00:51,030 --> 00:00:53,669 Sean Aylmer: but the electric vehicle demand is still there and we've 16 00:00:53,670 --> 00:00:56,370 Sean Aylmer: seen a flurry of mergers and acquisitions activity in the 17 00:00:56,370 --> 00:01:00,240 Sean Aylmer: local nickel space in recent months. One Australian company positioning 18 00:01:00,240 --> 00:01:02,460 Sean Aylmer: itself to be a player in the nickel industry is 19 00:01:02,520 --> 00:01:06,569 Sean Aylmer: Poseidon Nickel. Peter Harold is the managing director and CEO 20 00:01:06,569 --> 00:01:09,240 Sean Aylmer: of Poseidon Nickel. Peter, welcome to Fear and Greed. 21 00:01:09,630 --> 00:01:10,500 Peter Harold: Oh, thanks very much, Sean. 22 00:01:11,670 --> 00:01:13,770 Sean Aylmer: I want to get to what you made of what 23 00:01:13,770 --> 00:01:16,080 Sean Aylmer: happened earlier in the year in March, but just what 24 00:01:16,080 --> 00:01:20,970 Sean Aylmer: drives the price of nickel normally, I suppose 10 years 25 00:01:20,970 --> 00:01:22,620 Sean Aylmer: ago and then today? I'm just trying to get a 26 00:01:22,620 --> 00:01:25,440 Sean Aylmer: feel for where demand for nickel is coming from. 27 00:01:25,860 --> 00:01:27,840 Peter Harold: Yeah. That's a good question and clearly, there's been a 28 00:01:27,840 --> 00:01:30,660 Peter Harold: lot of changes recently, but if you go back 10 29 00:01:30,660 --> 00:01:33,690 Peter Harold: years ago, and I've been in nickel for nearly 30 30 00:01:33,690 --> 00:01:37,680 Peter Harold: years now, it's all been about stainless steel. 70% of 31 00:01:37,680 --> 00:01:40,709 Peter Harold: the world's nickel was used in making stainless steel, so 32 00:01:40,709 --> 00:01:42,959 Peter Harold: it was very much driven by supply and demand of 33 00:01:42,959 --> 00:01:47,820 Peter Harold: stainless steel. China were major consumers of stainless steel and 34 00:01:47,820 --> 00:01:51,600 Peter Harold: growth has always been there. You really look forward now 35 00:01:51,600 --> 00:01:54,059 Peter Harold: to where we are today and the market's about three 36 00:01:54,060 --> 00:01:57,240 Peter Harold: million tons a year. Two million tons of that's going 37 00:01:57,240 --> 00:01:59,970 Peter Harold: into making stainless steel, but what's happened has been, as you 38 00:01:59,970 --> 00:02:02,490 Peter Harold: mentioned, the growth of electric vehicles and it's coming from 39 00:02:02,520 --> 00:02:06,150 Peter Harold: almost a zero pace to a point where by 2030, 40 00:02:06,150 --> 00:02:08,310 Peter Harold: they believe that it's going to be something like nearly 41 00:02:08,310 --> 00:02:10,830 Peter Harold: two million tons of additional nickel required to go into 42 00:02:10,830 --> 00:02:14,760 Peter Harold: making electric vehicles. So demand is going to surge and 43 00:02:14,760 --> 00:02:17,580 Peter Harold: obviously, supply will probably struggle to keep up and hence 44 00:02:17,580 --> 00:02:21,480 Peter Harold: the reason why nickel prices are looking very strong now 45 00:02:21,480 --> 00:02:23,070 Peter Harold: and into the future as well. 46 00:02:23,639 --> 00:02:26,160 Sean Aylmer: Okay, let's talk about March. You might have to explain. 47 00:02:27,389 --> 00:02:29,639 Sean Aylmer: That's not rational what happened in March as far as 48 00:02:29,639 --> 00:02:33,209 Sean Aylmer: I can tell. What did happen and why? 49 00:02:33,510 --> 00:02:35,760 Peter Harold: Yeah. Well, you explained it well. So Tsingshan, which is 50 00:02:36,300 --> 00:02:39,720 Peter Harold: now the world's biggest nickel producer, they produce about 600, 000 51 00:02:39,720 --> 00:02:43,080 Peter Harold: tons of nickel, mostly in Indonesia, and that all goes 52 00:02:43,080 --> 00:02:46,710 Peter Harold: into their own stainless steel mills. What had happened was 53 00:02:46,710 --> 00:02:48,990 Peter Harold: the guy that runs, and I forget his name now, 54 00:02:49,440 --> 00:02:52,440 Peter Harold: it's a private company, he actually took a position on 55 00:02:52,440 --> 00:02:54,780 Peter Harold: nickel where he was actually short the metal. In other 56 00:02:54,780 --> 00:02:56,550 Peter Harold: words, he was betting that the price was going to 57 00:02:56,550 --> 00:03:00,000 Peter Harold: go down and in fact, the market was able to 58 00:03:00,000 --> 00:03:03,750 Peter Harold: basically almost second guessing, if you like. So the speculators 59 00:03:03,750 --> 00:03:06,030 Peter Harold: came in and as a result, there was what we 60 00:03:06,030 --> 00:03:09,180 Peter Harold: call a short squeeze where basically, the price, as you 61 00:03:09,180 --> 00:03:11,790 Peter Harold: said at the opening, went up to a $100, 000 a 62 00:03:11,790 --> 00:03:14,820 Peter Harold: ton. As a result, there were all these massive margin 63 00:03:14,820 --> 00:03:17,040 Peter Harold: calls and there was a lot of people sitting on 64 00:03:17,040 --> 00:03:20,070 Peter Harold: the other side of those trades that... As you mentioned, 65 00:03:20,070 --> 00:03:22,500 Peter Harold: the LME stepped in, canceled some of those trades. So 66 00:03:22,500 --> 00:03:26,730 Peter Harold: it's been an unprecedented situation, which I haven't seen before. 67 00:03:26,730 --> 00:03:29,520 Peter Harold: There's a lot of potential legal cases that are going 68 00:03:29,520 --> 00:03:31,500 Peter Harold: to come out of that and are actually already underway. 69 00:03:31,500 --> 00:03:34,890 Peter Harold: But traditionally, it was what we would just classify as 70 00:03:34,890 --> 00:03:36,600 Peter Harold: a short squeeze, but it's just a very big one. 71 00:03:38,130 --> 00:03:38,791 Sean Aylmer: A hell of a short squeeze. 72 00:03:38,790 --> 00:03:38,791 Peter Harold: It was. 73 00:03:38,791 --> 00:03:41,280 Sean Aylmer: Are things back to normal now? 74 00:03:41,400 --> 00:03:43,380 Peter Harold: Well, certainly, as again as you said in the opening, 75 00:03:43,380 --> 00:03:48,870 Peter Harold: they're back around, the nickel prices, in the mid 20s, 25,000 76 00:03:48,870 --> 00:03:51,810 Peter Harold: bucks a ton and it's certainly more normalized than it 77 00:03:51,810 --> 00:03:54,450 Peter Harold: was before. But again, if you go back 10 years 78 00:03:54,480 --> 00:03:57,990 Peter Harold: ago, the nickel price was probably half that. So what's 79 00:03:57,990 --> 00:04:00,840 Peter Harold: happened is as a result of the boom in the 80 00:04:00,840 --> 00:04:04,590 Peter Harold: electric vehicle demand and that massive growth as the whole 81 00:04:04,590 --> 00:04:08,910 Peter Harold: world goes from internal combustion engines through to electric over the next 10 to 82 00:04:08,910 --> 00:04:12,750 Peter Harold: 20 years, there's this massive increase in demand for nickel. 83 00:04:13,380 --> 00:04:16,410 Peter Harold: The nickel lithium hydride battery is the go- to battery 84 00:04:16,410 --> 00:04:19,440 Peter Harold: for the electric vehicle revolution. So just to give you 85 00:04:19,440 --> 00:04:22,710 Peter Harold: an idea, in the average Tesla, the amount of nickel 86 00:04:22,710 --> 00:04:26,040 Peter Harold: per battery, total battery is about nearly 30 kilograms. 87 00:04:26,820 --> 00:04:26,880 Sean Aylmer: Wow. 88 00:04:27,300 --> 00:04:30,419 Peter Harold: It's a huge amount of nickel. There's only about six 89 00:04:30,420 --> 00:04:34,170 Peter Harold: kilograms of lithium, about eight kilograms of cobalt, 20 kilograms 90 00:04:34,170 --> 00:04:37,049 Peter Harold: of copper. So nickel and aluminum are actually the far 91 00:04:37,050 --> 00:04:39,630 Peter Harold: bigger and there's about 50 kilograms of graphite, but there's 92 00:04:40,529 --> 00:04:42,450 Peter Harold: a lot more nickel in the battery than lithium and 93 00:04:42,450 --> 00:04:45,000 Peter Harold: I'm not sure that most investors understand that. So that's 94 00:04:45,000 --> 00:04:48,450 Peter Harold: where the massive demand's coming from. They're talking of nickel 95 00:04:48,450 --> 00:04:52,080 Peter Harold: going from a market which today, primary nickel, about three 96 00:04:52,080 --> 00:04:55,740 Peter Harold: million tons a year produced to something like over 10 97 00:04:55,740 --> 00:04:59,370 Peter Harold: million tons in the foreseeable, which is so huge amount 98 00:04:59,370 --> 00:05:01,799 Peter Harold: of demand and that's pushed the nickel price up. 99 00:05:02,339 --> 00:05:04,109 Sean Aylmer: Stay with me Peter, we'll be back in a minute. 100 00:05:11,190 --> 00:05:13,979 Sean Aylmer: I'm speaking to Peter Harold, managing director and CEO of 101 00:05:13,980 --> 00:05:16,890 Sean Aylmer: Poseidon Nickel. Now I want to get to your Black 102 00:05:16,890 --> 00:05:19,410 Sean Aylmer: Swan project in a moment, but before we get there, 103 00:05:19,410 --> 00:05:22,080 Sean Aylmer: what is the state of play of the nickel market 104 00:05:22,080 --> 00:05:24,630 Sean Aylmer: in Australia? Do we have a lot of producers? Is 105 00:05:24,630 --> 00:05:26,220 Sean Aylmer: there a lot of the stuff in the ground here? 106 00:05:26,370 --> 00:05:28,979 Peter Harold: Yeah. Look, we do and I think we'd probably be 107 00:05:28,980 --> 00:05:31,440 Peter Harold: number six in the world. I think you mentioned Russia 108 00:05:31,440 --> 00:05:34,920 Peter Harold: being number one, and now Indonesia obviously ramping up massively. 109 00:05:35,220 --> 00:05:38,039 Peter Harold: We've always been a nickel producer ever since the days 110 00:05:38,040 --> 00:05:41,010 Peter Harold: of Western Mining and back to the original nickel boom 111 00:05:41,010 --> 00:05:43,440 Peter Harold: or the Poseidon boom as it was called with an asset that 112 00:05:43,800 --> 00:05:46,950 Peter Harold: we currently own, not Black Swan, another one called Windarra. 113 00:05:46,980 --> 00:05:48,990 Peter Harold: But that was the original boom that got going in the 114 00:05:48,990 --> 00:05:52,650 Peter Harold: '69 and then Western Mining with a big nickel producer 115 00:05:52,650 --> 00:05:55,289 Peter Harold: right up until the mid 2000s when they were taken 116 00:05:55,290 --> 00:05:59,370 Peter Harold: over by BHP. There are other nickel projects in Western 117 00:05:59,370 --> 00:06:02,070 Peter Harold: Australia. There's Murrin Murrin, which belongs to Glencore, which is 118 00:06:02,070 --> 00:06:05,580 Peter Harold: a HPAL plant, high- pressure acid leach plant. There's also 119 00:06:05,580 --> 00:06:08,940 Peter Harold: Ravensthorpe. So yeah, we are a big nickel producer in 120 00:06:08,940 --> 00:06:11,460 Peter Harold: our own right in Australia and getting bigger. There's a 121 00:06:11,460 --> 00:06:14,279 Peter Harold: number of big projects on the slate to come on 122 00:06:14,279 --> 00:06:17,339 Peter Harold: stream in the next five years, including our project of 123 00:06:17,339 --> 00:06:21,240 Peter Harold: course. We are the nearest new project or restart project. 124 00:06:21,240 --> 00:06:24,510 Peter Harold: There's projects like West Musgrave that belongs to OZ Minerals, 125 00:06:24,510 --> 00:06:28,500 Peter Harold: potentially soon to belong to BHP. There's other projects that 126 00:06:28,500 --> 00:06:31,409 Peter Harold: are in the vicinity of Kalgoorlie as well, but sulfide 127 00:06:31,410 --> 00:06:34,350 Peter Harold: nickel, which is what we have and also the laterite nickel, which is 128 00:06:34,470 --> 00:06:36,540 Peter Harold: what Murrin Murrin and Ravensthorpe is. 129 00:06:37,260 --> 00:06:39,330 Sean Aylmer: Okay, so you're talking about the Black Swan project? 130 00:06:39,779 --> 00:06:44,640 Peter Harold: Indeed. We have three projects and the primary project or 131 00:06:45,450 --> 00:06:47,279 Peter Harold: the first one to get going again will be Black 132 00:06:47,279 --> 00:06:47,969 Peter Harold: Swan. That's right. 133 00:06:48,390 --> 00:06:52,140 Sean Aylmer: So you had a very positive feasibility study on likely 134 00:06:52,140 --> 00:06:53,910 Sean Aylmer: output recently. Explain that. 135 00:06:54,029 --> 00:06:56,400 Peter Harold: We did, indeed, yeah. We've been looking at this project 136 00:06:56,400 --> 00:06:59,909 Peter Harold: which was previously owned by Norilsk, the big Russian producer, 137 00:06:59,910 --> 00:07:03,240 Peter Harold: and it was closed in 2009 when the nickel price 138 00:07:03,240 --> 00:07:07,890 Peter Harold: was sub $ 10,000 a ton. What we did is we 139 00:07:07,890 --> 00:07:11,640 Peter Harold: picked this asset up in about 2015 very cheaply. I 140 00:07:11,640 --> 00:07:13,740 Peter Harold: think just over a million dollars we paid for it. 141 00:07:14,100 --> 00:07:18,570 Peter Harold: What's great is there's a 2.2 million ton processing plant. There's 142 00:07:18,570 --> 00:07:21,750 Peter Harold: an open pit and underground mine. All the infrastructure's there 143 00:07:21,810 --> 00:07:24,210 Peter Harold: and it's just been waiting for the nickel price to 144 00:07:24,210 --> 00:07:28,679 Peter Harold: basically come to a different level and obviously, we're in 145 00:07:28,680 --> 00:07:31,560 Peter Harold: that space now. So we've put together a feasibility study 146 00:07:31,560 --> 00:07:34,620 Peter Harold: based on mining about a million tons from the open 147 00:07:34,620 --> 00:07:37,860 Peter Harold: pit, which is low- grade disseminated material, and we're mixing 148 00:07:37,860 --> 00:07:42,060 Peter Harold: that with some very high- grade plus 5% underground material 149 00:07:42,060 --> 00:07:44,100 Peter Harold: from what we call the Silver Swan ore bodies. We're 150 00:07:44,100 --> 00:07:47,100 Peter Harold: mixing the Swans together, if you like, Black Swan and 151 00:07:47,100 --> 00:07:49,860 Peter Harold: Silver Swan. We're coming up with a project that's got 152 00:07:49,860 --> 00:07:53,940 Peter Harold: a four- year life, producing around about 30,000 tons of 153 00:07:53,940 --> 00:07:57,660 Peter Harold: nickel over that four- year period, so averaging 7,000 to 8, 000 154 00:07:57,660 --> 00:08:00,330 Peter Harold: tons a year of nickel in concentrate, which would then 155 00:08:00,330 --> 00:08:04,200 Peter Harold: be sold to either a local smelter or shipped overseas 156 00:08:04,200 --> 00:08:06,661 Peter Harold: to any number of parties that have expressed interest. 157 00:08:06,661 --> 00:08:11,550 Sean Aylmer: Okay. Nickel is mined very similar to gold or something 158 00:08:11,550 --> 00:08:12,180 Sean Aylmer: like that, is it? 159 00:08:12,900 --> 00:08:17,429 Peter Harold: Look, all mining is either open pit or underground and 160 00:08:17,430 --> 00:08:20,190 Peter Harold: we have one of each. The minerality is obviously different 161 00:08:20,190 --> 00:08:23,070 Peter Harold: to gold. The ore body that we have, we have 162 00:08:23,070 --> 00:08:25,920 Peter Harold: two distinct ore bodies. We have what's called a high- 163 00:08:25,920 --> 00:08:30,660 Peter Harold: grade komatiite channel. Basically, that was a lava flow many 164 00:08:30,660 --> 00:08:33,750 Peter Harold: millions of years ago. Then obviously, what happened is as 165 00:08:34,320 --> 00:08:37,410 Peter Harold: the material ran very, very quickly along the sea floor, 166 00:08:37,410 --> 00:08:41,460 Peter Harold: the nickel was basically the heavier metals been the nickel 167 00:08:41,970 --> 00:08:45,390 Peter Harold: dropped out onto the bottom. Then there's been structural changes 168 00:08:45,390 --> 00:08:47,670 Peter Harold: that have gone on. So this thing's vertically dipping now 169 00:08:47,670 --> 00:08:50,160 Peter Harold: almost 90 degrees straight down and so we are just 170 00:08:50,400 --> 00:08:52,920 Peter Harold: mining it vertically. The open pit's a bit different. That's 171 00:08:52,920 --> 00:08:56,309 Peter Harold: what they call a disseminated ore body and that's lower 172 00:08:56,309 --> 00:08:59,280 Peter Harold: grade and it's been formed differently. But we're lucky that 173 00:08:59,280 --> 00:09:01,230 Peter Harold: those are both next to each other, only a couple 174 00:09:01,230 --> 00:09:03,959 Peter Harold: of hundred meters apart, so we're quite lucky. So we 175 00:09:03,960 --> 00:09:06,179 Peter Harold: can mine both of those together, put them through the 176 00:09:06,240 --> 00:09:09,120 Peter Harold: processing plant that we've got there. The great beauty of 177 00:09:09,120 --> 00:09:11,700 Peter Harold: our project is rather than a greenfield site where you 178 00:09:11,700 --> 00:09:14,939 Peter Harold: need to get all the permits, all the approvals, long 179 00:09:14,940 --> 00:09:16,470 Peter Harold: time to get those and you got to go and 180 00:09:16,470 --> 00:09:18,840 Peter Harold: spend hundreds of millions of dollars to build a mine, a 181 00:09:18,900 --> 00:09:21,540 Peter Harold: processing plant, we've got all that there sitting there. It's 182 00:09:21,540 --> 00:09:24,480 Peter Harold: been sitting on care and maintenance for 10 years and 183 00:09:24,540 --> 00:09:28,650 Peter Harold: we can refurbish the mill for about 40 million Australian dollars. 184 00:09:29,130 --> 00:09:31,740 Sean Aylmer: Okay. Have you got buyers? Because there've been lots of stories 185 00:09:31,740 --> 00:09:36,120 Sean Aylmer: with metals, of buyers of Australian assets, or sorry, Australian 186 00:09:36,120 --> 00:09:37,829 Sean Aylmer: metals. Where are you up to on that one? 187 00:09:37,950 --> 00:09:40,710 Peter Harold: Yeah. Look, what we've done is we've gone out for 188 00:09:40,710 --> 00:09:44,429 Peter Harold: our concentrate what we potentially we'll produce, which is a 15% 189 00:09:44,429 --> 00:09:48,599 Peter Harold: nickel concentrate, which suits itself to a conventional nickel smelter 190 00:09:48,929 --> 00:09:51,240 Peter Harold: of which there are a number in the world. We've spoken 191 00:09:51,240 --> 00:09:54,840 Peter Harold: to most of those groups and also traders and various 192 00:09:54,840 --> 00:09:58,290 Peter Harold: other people that have got interest in nickel. We've got 193 00:09:58,290 --> 00:10:01,079 Peter Harold: a lot of inbound interest, including we've had quite a 194 00:10:01,080 --> 00:10:03,660 Peter Harold: number of indicative offers that have been presented to us, 195 00:10:03,660 --> 00:10:06,600 Peter Harold: which we've used in our feasibility study. So now that 196 00:10:06,600 --> 00:10:08,700 Peter Harold: we've put the feasibility study out, as you said, the 197 00:10:08,700 --> 00:10:10,980 Peter Harold: next phase for us is to go back to those 198 00:10:10,980 --> 00:10:15,630 Peter Harold: people, get firm offers for terms and then we'll shortlist 199 00:10:15,630 --> 00:10:18,179 Peter Harold: down to a couple of parties and we'll then negotiate 200 00:10:18,179 --> 00:10:20,820 Peter Harold: an offtake agreement with one or more of those parties. 201 00:10:21,300 --> 00:10:23,940 Sean Aylmer: Just before you go, Peter, I just want to ask 202 00:10:23,940 --> 00:10:25,740 Sean Aylmer: about all the M& A activity in the space at 203 00:10:25,740 --> 00:10:29,100 Sean Aylmer: the moment. Obviously, when you've got a hot metal, that is 204 00:10:29,220 --> 00:10:32,190 Sean Aylmer: a pun, not quite, but a popular metal or a 205 00:10:32,190 --> 00:10:35,460 Sean Aylmer: metal that has certainly a great demand into the future, 206 00:10:35,550 --> 00:10:40,050 Sean Aylmer: you're going to get takeover activity. IGO in Western Areas. There's 207 00:10:40,050 --> 00:10:42,840 Sean Aylmer: private equity, I think, has been involved as well. BHP, 208 00:10:42,840 --> 00:10:45,719 Sean Aylmer: you mentioned and OZ Minerals. Do you expect to see 209 00:10:45,720 --> 00:10:46,260 Sean Aylmer: more of it? 210 00:10:46,620 --> 00:10:50,520 Peter Harold: Absolutely. Yes, there's been a lot of interest in the 211 00:10:50,520 --> 00:10:53,579 Peter Harold: sector. As you mentioned, there's a lot of private equity 212 00:10:53,580 --> 00:10:57,780 Peter Harold: money where they've raised hundreds or billions of dollars purely 213 00:10:57,780 --> 00:11:01,590 Peter Harold: to be invested in battery metals and clearly, nickel is 214 00:11:01,590 --> 00:11:04,380 Peter Harold: one of those battery metals. Obviously, copper and lithium and 215 00:11:04,530 --> 00:11:07,770 Peter Harold: some of the rare earths as well, but fundamentally, if 216 00:11:08,130 --> 00:11:11,670 Peter Harold: you're going to buy into the battery thematic, then nickel 217 00:11:11,670 --> 00:11:13,710 Peter Harold: is one of the cornerstone investments. So yes, lots of 218 00:11:13,710 --> 00:11:18,450 Peter Harold: activity. Kinterra just recently made a takeover at a 45% 219 00:11:18,450 --> 00:11:22,920 Peter Harold: premium for Cannon Resources, which is a nickel sulfide resource. 220 00:11:22,920 --> 00:11:25,410 Peter Harold: There's no mine or processing plant. So yes, a lot 221 00:11:25,440 --> 00:11:28,199 Peter Harold: of activity. And we saw that back in the mid 222 00:11:28,200 --> 00:11:32,100 Peter Harold: 2000s when I was involved in another nickel sulfide business. 223 00:11:32,100 --> 00:11:34,590 Peter Harold: The same thing. There was a huge amount of takeover 224 00:11:34,590 --> 00:11:38,700 Peter Harold: activity which culminated in the massive takeover of LionOre by 225 00:11:38,700 --> 00:11:42,090 Peter Harold: Norilsk for seven billion Australian dollars. There was the Jubilee 226 00:11:42,090 --> 00:11:45,840 Peter Harold: takeover by Glencore. So there was a huge amount of activity back 227 00:11:45,840 --> 00:11:48,600 Peter Harold: then and I'm sure that we'll see similar sorts of 228 00:11:48,600 --> 00:11:52,260 Peter Harold: things happening. Already, as you mentioned, OZ Minerals, BHP, and 229 00:11:53,309 --> 00:11:54,750 Peter Harold: IGO taking over Western Areas. 230 00:11:55,020 --> 00:11:56,730 Sean Aylmer: Peter, thank you for talking to Fear and Greed. 231 00:11:57,240 --> 00:11:57,990 Peter Harold: My pleasure, Sean. 232 00:11:58,590 --> 00:12:01,890 Sean Aylmer: That was Peter Harold, managing director and CEO of Poseidon 233 00:12:01,920 --> 00:12:04,559 Sean Aylmer: Nickel. This is the Fear and Greed Daily Interview. Remember, 234 00:12:04,559 --> 00:12:07,950 Sean Aylmer: you should get professional advice before making any investment decisions. 235 00:12:07,950 --> 00:12:09,960 Sean Aylmer: Join us every morning for the full episode of Fear 236 00:12:09,960 --> 00:12:13,470 Sean Aylmer: and Greed, Australia's most popular business podcast. I'm Sean Aylmer. 237 00:12:13,710 --> 00:12:14,189 Sean Aylmer: Enjoy your day.