Hmm "this is as good as cash" - I think this is very misleading.
The costs you include are cash production costs and do not include a number of elements, including:
1. Capex (maintenance) which is significant at around $300m in the forecast period. MATSA operating history shows this fluctuates around a lot (higher and lower).
2. Opex, which is also significant as it includes all operational overhead.
3. Interest on debt of c$800 USD.
The hedged position, although needed due to financing terms, is a little frustrating given the steep backwardation in copper prices.
SFR is essentially a leveraged play on copper.
Ann: BMO Global Metals & Mining Conference Presentation, page-6
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