Exactly, Capybara.
S32's alumina/aluminium exposure is first class. Some fret about more than half S32's assets in Al, yet I see it as a strength, given the importance of Al to the electrical revolution.
Meanwhile, It has excellent mines and expertise in Ag, Cu, Mn, Ni and Zn - plus about $A5b in cash and borrowing capacity to add mines when opportunity presents.
AAL's 40% of the Mn JV is for sale, which should fall to S32 unless someone has a rush of blood and bids irrationally, leaving S32 in control.
Hermosa the monster adds plenty Ag and Zn. Mn too, when the US government grinds to a decision on financial support.
Ni mines are cheap at the moment. AAL's Brazil Ni mines are for sale, with modest price expectations, although we don't know if they are worthwhile. And while everyone gestures at fresh supply from Indonesia, Ni prices will revert to norm over time.
In Cu, GK & team have many, many irons in the fire with junior explorers and the Ambler JV with Trilogy, where I expect the incoming Trump to wave permits through.
So, S32 has the firepower and the will to become a globally significant player in any or all of these base metals by simply adding mines, with the usual quality caveats.
Sires of Silver
Captains of Copper
Maharajahs of Manganese
Knights of Nickel
Czars of Zinc
This is its destiny.
Ash
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