A S32-SFR JV of Motheo and Khoemacau would be a powerful vehicle to develop the assets, quickly and efficiently.
K produces 60,000t pa with credible plans to increase this to 130,000t pa; Motheo is guided to 38,000t pa, set to nearly double with underway plant expansion - together that's over 200,000t pa.
S32 will have to pay a fancy price to secure K, which also makes a contemporary valuation of Motheo possible.
I hold both, so it's all good with me.
Ash
SFR Price at posting:
$6.04 Sentiment: Buy Disclosure: Held
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