00:00What is the likelihood of this deal actually materializing?
00:05Absolutely, Tom. This is, you know, another year, another big potential mining deal.
00:13In 2023, we had Glencore trying to buy tech, and last year we had BHP trying to buy Anglo.
00:20And now two of those companies, Anglo and Tech, in what looks like fairly early stage talks
00:26about an acquisition of tech by Anglo.
00:31This obviously combines two big mining companies that have a lot of good copper assets together.
00:39That's the metal that all these companies want, and a lot of these deals are driven by.
00:43But there's, you know, there's no guarantee that this is going to happen,
00:47and there's several things that might stand in the way.
00:50There's the reaction from tech, which is really controlled by a single Canadian family.
00:56There's the role of the Canadian government, which is putting more scrutiny over overseas acquisitions.
01:03And tech's biggest shareholder is actually, apart from the Kivu family, is a Chinese firm.
01:12So there's all sorts of potential complications on the way to a deal, I would say.
01:17And, Martin, you know, given your understanding of this, of the broader sector, what would this deal,
01:24if it comes to pass, and you've outlined some of the complexities,
01:27what would it mean, do you think, for the broader mining sector?
01:34Well, as I referred to, you know, there's been a lot of sort of putative deals
01:38that haven't actually happened for one reason or another.
01:41Sure. Boards, executives and investors in the mining sector are very wary of doing major deals.
01:48So if one does get over the hurdle, if this one does go through, you know,
01:53you will see other firms, you know, try to perhaps look more closely at deals themselves.
01:59The fact that BHP's attempted takeover of Anglo last year didn't go ahead,
02:07kind of put the brakes, I guess, on activity for a while.
02:13But this is obviously a sign that, you know,
02:16the executives are still putting the rule over potential deals across the sector.
02:22Well, what is the solution?
02:34What would this do to do to the alluded to?
02:36Thank you, no, that's a mistake.
02:38And this is not the case, here.
02:40I'm just going to interrupt right now.
02:43I'm also going to do this together.
02:44Have a probably about the deal here.
02:46Have a good day.
02:47Have a stronger bet.
02:49Good day.
02:49We've got a good day here.
02:51But, yeah.
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