Ann: September Quarterly Production Report, page-71

Nonsense! Unlike industrial companies, profits for mining companies are inherently cyclical and directly linked to the price of IO. Earnings are subject to booms and busts, largely outside the control of management. Any company producing a commodity is a “price taker” not a “price maker”, as there is no material difference or brand premium associated with its product. Due to the nature of cycles, mining stocks should not be viewed as “buy and hold forever”. Rather, investors should pick and choose their entry points (and exit points) based on where they consider that minerals are in the mining cycle.