The $1b acquisition debt facility is roughly 12 months historic FCF, ignoring any contribution from Sierra Gorda and the noticeable general rise in metal prices. It will be amortised surprisingly quickly.
Hermosa is a monster, but the decision to mine and very big capital spending is still a few years off. Arctic is even more distant.
In the meantime, holders should expect good work elsewhere to build the business.
After years of dreary yet effective buy-backs, I think it is time S32 DID challenge its talent pool and work the balance sheet harder.
I do not presume to urge Adriatic Metals on GK & team. I do look to the future and want more good quality base metals mines - easy to say.
Ash
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