-The quality and growth of the mining services are extraordinary. They enjoy a genuine competitive advantage here and get a long-term constant stream of ebitda on tones of service. It is royalty-quality business and deserves that type of multiple. And then it is growing very fast. A true gem here
-Lithium is probably not as good. Till next boom, we will have brine sources (which are slower to build) set up. They enjoy genuine cost advantages. And then there is DLE. MIN stuff are not lowest cost even on hard rock scale (think greenbushes, pilgangora and africa). Will make money, but nothing like they could have in the last supply-deprived boom. And MIN has had a checkerd credential in lithium.
Ann: FY24 Q3 Quarterly Activity Report, page-23
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