SFR's two operations, super-safe Spain and somewhat-risky Botswana would enjoy a higher valuation embedded in a larger outfit.
S32 would be more appreciative of Matsa's Zn production, more likely to build a second Cu Zn concentrator complex to develop sorely-underutilised Magdalena.
Likewise Black Butte, which S32 would develop as promptly as permits allow.
SFR is valued at $A5b and hasn't moved as much as recent Cu prices. Yes there is uncertainty about the landscape post-Trump tariffs, so there is value there for a bold player like GK.
This could easily be funded with the sale proceeds from Illawarra coal and existing debt facilities.
I'd rather have S32 shares than cash.
Ash
S32 Price at posting:
$3.22 Sentiment: Buy Disclosure: Held
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