I held shares as a result of the company being spun out of BHP.
Face it, S32 was full of BHP's least favoured assets due to being high on the cost curve.
That's half the reason their earnings were so awful.
Illawara is the one asset that is still printing money for the company and its been off-loaded now in time for the FID on Hermossa.
Hermossa has pre-production capex of $US 2.2bn, an NPV of $US686m at a discount rate of 7% and an IRR of 12%. 12% is quite a low rate of return.
General rule of thumb you'd want the NPV to be higher than the Capex. These numbers aren't pretty. Zinc needs to increase 40% from current spot prices just to reach the feasibility assumption. That's insane man. I can't believe people aren't more angry about this.
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