SFR has surged +70% in 2025, with much of these gains unfolding in the last 3 weeks, helped by the Freeport-McMoRan catastrophe. The Grasberg mine is a temporary issue, but we believe the demand side of the copper equation, as global electrification gathers momentum, will push the industrial metal to new highs in the coming months/quarters. SFR generated $1.2bn in revenue in FY25, up +26% YoY. If their production remains around 150,000 tonnes and copper jumps another 10% the miners’ revenue will grow by 13-15% illustrating the companies’ sensitivity to the industrial metal, albeit in both directions.
- We will regard the next 80c-$1 pullback as a buying opportunity as opposed to a reason to panic: we hold SFR in our Active Growth Portfolio.
MM is long and bullish towards SFR medium and long term.
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