SFR -0.53%: the copper miner announced the CEO was stepping down, coupled with a production upgrade as they approach eh end of their first quarter. After 15 years in charge, Karl Simich will leave the company, replaced by the COO while a global search gets underway. The company bumped up full-year copper production guidance by 2.5%, setting themselves up for a strong first quarter production update next month. The balance sheet looks in good shape, paying the $US118m due for the funding facility around their acquisition of MATSA while their ANZ corporate facility will also be reduced by ~$US100m. We see the CEO departure as an opportunity to refresh their outlook and improve communication to the market, though shares were slightly lower today.
MM is bullish and long SFR in the Emerging Companies Portfolio
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