SFR -3.6%: the copper miner struggled today after deciding against paying a dividend at the full-year results. Other numbers were largely pre-announced with revenue of $US 922.7m and EBITDA of $447.3m known to the market. The recent purchase of Spanish copper asset MATSA contributed positively and production is running ahead of expectations, though the EU energy crisis remains a concern here. Performance of WA asset De Grussa was also solid, though they are in the wind-down phase here while the development of Motheo in Botswana remains on track. Given the substantial investment required across their assets, management decided to pause dividends for the time being which weighed on the stock today.
MM is bullish SFR ~$4.50 – it’s on our hitlist for the Emerging Companies Portfolio
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