you do realise a lot of those are stocks issued as dividends over the years to get to that soi (& buybacks every now & then)…
yeah mcap matters more than soi does from value metrics
soi is still important though, often a deterrent for many as can be seen as a sign corporate structure & dilution weren’t managed as well (as they could’ve).
takes nothing away from fundamentals for wwi, but would still prefer a 400-500m soi instead of 2b
Ann: Wits Basin Scoping Study, page-238
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