Good to see thoughtful argument on this thread.
Base metals miner S32 doesn't mind which metal or where it grows - so long as any M&A improves the quality of its portfolio. The very strong balance sheet and FCF mean it has ready money in all seasons. Do not underestimate the significance of this aspect.
A quick look at the Bloomberg graphic above shows just how well placed the business is as we enter an era of insistent metals demand due to the electrical revolution.
GK & team probably agree graphite or lithium would be nice, while developing further in Al Cu Ni Mn Ag Zn where it has deep skills and operational experience is a no-brainer.
There is genuine risk in battery materials as their optimum composition remains an open question. See: Cobalt.
I have learned to be wary of uncompensated risk.
Ash
Ann: Daily share buy-back notice - Appendix 3E, page-25
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$3.62 |
Change
0.000(0.00%) |
Mkt cap ! $16.39B | |||
| Open | High | Low | Value | Volume |
| $3.64 | $3.67 | $3.61 | $47.73M | 13.12M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 17 | 403303 | $3.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.63 | 272610 | 6 |
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| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| S32 (ASX) Chart |