For Sale: Cobre Las Cruces - Iberian Pyrites Belt, Spain, page-3

First Quantum on its website says:

Copper production at the Cobre Las Cruces mine in Spain ceased in Q2 2023. All permits are now in place for the underground development project at Cobre Las Cruces.

So, the open cut is depleted, all ores processed and the operation is on care and maintenance. FQ did not commit to mining the underground polymetallic orebody even before its woes in Panama emerged.

For context, SFR's 31 August 2023 Mineral Resource update raised the Sotiel mine's resource to 73mt grading 0.9% Cu, 3% Zn, 1.3% Pb and 39.3 g/t Ag.

While the Sotiel resource is Inferred, the lowest JORC ranking, I call that broadly comparable in quality and twice the size. Both projects would need a polymetallic concentrator built.

If Las Cruces is worth near $US1B, then Sotiel is worth near $US2b. Wheee!!

Sadly, they are not worth this much.

BH & team may or may not be interested in the range $US300-500m.

Ash