S32 outperformed most of its peers yesterday only slipping -2.7%, the metals/bulks miner has already transitioned to a 75:25 ratio today as it migrates towards its 85:15 goal (of metals to bulks) making a more attractive ESG play than many of its peers. The company’s long-term conviction in Cu/Zn/green Al and battery grade Mn underpins this ESG strategy which we believe will enjoy another wave of optimism in the months ahead.
- We like S32’s forward-looking profile as it evolves toward transition materials.
MM likes S32 into current weakness towards $4
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