general, page-63

Thankyou for that. I just feel that there is really no management update or investor update on what is happening at South32, for a top 20 company to fall so dramatically, basically questions your thesis of investing into top 20 companies. Think about it if your investment cannot be safe in a top 20 company, then where do you park your money?

BHP goes up, South 32 goes up a little or falls,

The sellers broke the previous low of $3.06

To fall almost 40%, your being treated like a penny stock, never have I seen so many red candles across a chart in such little time frame - there is no desire to buy, or buyers are on a strike, waiting for commodity prices to fall further.

They wrote down the value of Hermosa, to me that's reflective of saying there is no value in the whole project. I am an tax accountant and see why they wrote it off, but that seems to send a wrong message to the market? Then they are saying there is a FID due next quarter....

I wonder what Graham has to say about this - Just feel that they are distracted with other stuff, and focus has kinda of diminished