Copper – Valuation Pulse Check!

Tshepo Magagane

Hudbay sells 30% of the project for an implied valuation of USD2bn – Tier 2 project and focuses on the Cu grades in the attached.

Why whoever solves this conundrum of these 0.6-1% projects in Zambia will unlock generational wealth creation multiples of what we saw with Iron Ore in Australia.

This is at the permitting stage – Khoemacau went for USD2bn in production post restructuring – why I estimate that it would go for USD4-5bn spot!

With bulks, I used to run these spreadsheets of precs for each bulk sub-sector to monitor the evolution of valuations – we are not in the innings yet, players are still in the dressing room – have seen this movie before😂