I do like S32's financial position and capital management framework. They are positioned very well- The price of Alumina, Aluminium, Copper, Nickel are all favourable - This adds lots of free cash flows to the treasury- Getting good cash in the door from sale of Met coal assets- They have been reducing the SOI over past year so the cash generated from a) and b) above is spread over a smaller base- US govt is lending a helping hand and contributing $$$ to the development of US assets- They have a massive potential to raise both equity and debt when needed. I say S32 can really flex its muscle right now and make a really decent copper acquisition.
(20min delay)