LK,Estimates put the cost to bring C to market in excess of $2B....

LK,
Estimates put the cost to bring C to market in excess of $2B. The cost to purchase could be up to $600m.

Is SFR better than C? I will list what I think are the pros and cons

C has a bigger resource 4mt vs 500,000t
SFR has 2 other strategic players - if they do not want to sell OZL cannot get SFR.
C has multiple commodities, SFR does not have the variety.
C can be purchased w/o a public t/o premium, SFR cannot.
C is a company transforming purchase for OZL. SFR is nice, but not in the same league.
C is in the same state as P Hill, OZL could have some synergies with C And P Hill. SFR does not provide that.
Based on P Hill cash flows - OZL could develop C w/o a loan - just. SFR would be a shoe in.
SFR is likely to keep the sp sub $1.50, C is likely to drive the sp to approx $2.50 (my view - no data)

There could be others

I think SFR is an alternate for OZL if they cannot get C. i.e a fallback position

HT1