Just borrowing this chart on Iberian Pyrite Belt resources from...

Just borrowing this chart on Iberian Pyrite Belt resources from ambitious explorer Pan Global Resources. We wish them luck at their endeavours.



https://cdn.prod.website-files.com/63e904921eb4adc55bebeffb/67634489030930f2fbeb3904_2024-12_Pan%20Global%20Resources%20Investor%20Presentation_FINAL.pdf

I can't tell whether this is a comprehensive survey of the belt, yet it does show the relative standing of SFR's three mines.

This then begs the question: is there a consolidation opportunity here for SFR?

Lundin Mining has just sold (9 Dec 2024) Neves Corvo and Zincgruvan (Sweden) to Boliden AB for $US1.3b plus a $US150m price-share to 2027.

https://lundinmining.com/news/lundin-mining-announces-sale-of-neves-corvo-and-zi-123176/

This will have been offered to SFR. BH & team will have thought long and hard about buying and let it pass, likely on price. Just on Pan Global's ranking above, Neves Corvo would have made a substantial addition to SFR's Spanish operations.

BH was engaged to do more than simply run SFR - though he does this very well. The corporate ambition is to grow production and the business. The intense competition for quality Cu assets makes this task a major challenge.

Ash