HRR - Updated NPV calculation, page-17

announced long ago, but terms of the agreement will not be disclosed

few company specific developments on the horizon to drive share price higher over next 12 months, longs may instead hope for a lift in commodity price to lift heron from this enormous rut

but I believe this is a futile hope, and zinc (in particular) will continue to soften, for the following key reasons:

1. major producers are now investing in capex and bringing new supply online at an astonishing rate (see my earlier post)

2. lme stockpile numbers have been entirely discredited with last week’s 50% (!!) surge of inventory in a single day

3. Fears of imminent steel tariffs and a looming trade war between the world’s major economies

HRR was grinding around 7.5 in a buoyant Poz environment. SP could rerate much lower when commodity price goes pear-shaped