Ann: 121 Frankfurt Conference Presentation, page-12

KISS

BHP and RIO are classic KISS companies - and extremely profitable.

Maybe a simple process in Mali (Primary Li Salts / Calix), bar that I would sooner the company stick to simple mining.

Downstream is great for Management Salaries and Performance Rights, but crap for returning capital to shareholders through dividends, especially when it all goes pear shaped and the shareholders are left holding the can due to cost over runs etc.

Mine and ship for 3 years and pay some dividends and then those who want to get off can with ample notice IMO.

Anyone wanting exposure to downstream, there are plenty of companies offering this exposure. BUY THEM