I want to indulge in idle speculation for a moment. Hear me out, then tell me why I am wrong.
The Russian invasion of Ukraine has destroyed its weak economy and a lot of its infrastructure. Slava Ukraine!
Ukraine was a significant metal miner with many attractive orebodies, in line with the physical size of the country.
It will need abundant fresh capital to rebuild and to replace Russian asset ownership. S32's Polish JV partner in Sierra Gorda is well placed to play - Poland is providing unselfish, large scale military and civic assistance, for which Ukraine would be very grateful, and would want to deepen its economic ties with its neighbour.
KGHM is not big and has capital constraints of its own - for perspective, the Sierra Gorda JV (55%) provides about half its EBIDTA:
KGHM will have many opportunities ahead and may consider its Sierra Gorda JV partner a known quantity with plenty capital to assist.
GK & team are always open to a JV - love the structure. Alternately, KGHM may want to sell Sierra Gorda to release capital.
Watch this space.
Ash
Sierra Gorda copper mine, page-99
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