I believe the SFR production numbers should only be compared with their MATSA site (Spain) as the Motheo site is located in Africa and open pit so a grade at something like half that of MATSA but as we all know an open pit means lower grades are still very profitable.
MATSA has an installed processing capacity of 4.7Mtpa from their 3 underground mines. From their recent quarterly I think I recall they had a smelted grade of ~2% CuEq which I know is not the same as the in ground resource FFM have but MATSA is poly metallic and the recovery grades are much lower than Ming’s historic 96% recoveries so considering FFM’s resource is some 2% CuEq this is around the mark. So far this FY MATSA had a C1 cost of $1.71/lb (USD) but being a poly metallic resource I believe it will be more costly to extract. It should be noted they expect that figure to drop to $1.51/lb by the end of the FY.
The MATSA camp was purchased back in Feb of 2022 for $1.865b USD. I will say comparing FFM’s deposit to SFR’s is a little ambiguous because they are not the same beast but it is helpful to grasp the potential of the mine. Where FFM’s true potential lies is within the surrounding area because Steve is 100% correct in that these deposits rarely are isolated.
FFM Price at posting:
$1.12 Sentiment: Buy Disclosure: Held
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