AustralianSuper’s big bet on cobalt has failed after bankrupt miner Jervois Global agreed to be taken private, erasing hundreds of millions of dollars of shareholder capital.
The battery minerals play, once valued at more than $1 billion, will delist from the Australian Securities Exchange and be taken private by Boston-headquartered lender Millstreet Capital, making its equity worthless.
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Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
