There's always negatives with every business!! S32's are not devastating to the Company and not why the Sp has tanked in the last 6months.
1. Capex has been addressed by Mgmt ages ago. It has, (for many reasons), gone up significantly since 2016. Go and have a look at their website details of expenditure - programmed and forecast. Nothing new here. Not a negative, S32 have cash to burn!
2. Agreed , but if Asia produces power much cheaper, S32 will shut down expensive to run smelters and just sell material for processing OS - nothing new here!
3 & 4. Wont be sold for nil, but prob won't add much to balance sheet after getting out. Agreed, SA is a headache, but GK and Board are all over it and I'm confident they know what to do for the best there. Sure, get out of SA altogether and concentrate on Trilogy and Arizona explorations - takes time tho.
5. Inflation is relatively low as are interest rates. The run back then to 90c wasn't from $3 but the opening $2.25 when demergered from BHP and yes, it was global economics in play - just like now!
And if u want to talk about fair value, this stock is way undervalued/oversold atm - don't come complaining to me when you wish u had bought more at these prices!!
imo, you have more problems with RIO and possibly BHP than S32.
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