SFR +2.76%: Some intra-day volatility in the copper producer today following their FY23 results, with the stock down early before ending higher. Most metrics were well understood beforehand given the recent quarterly. They did announce US$75m additional capex but everything else looked solid. The Motheo commissioning is underway to 3.2Mtpa with the 3.2Mtpa expansion on track for Q2-FY24. Mining licence for extension obtained last week with Botswana Department on Mines.
- Not many pure-play copper producers listed on the ASX, and while we are bullish on SFR, we get the sense the market has a more positive view on than perhaps it deserves, simply from a scarcity perspective.
MM is long & bullish SFR
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