I sure hope JCoure is correct. Given the ridiculous bidding for...

I sure hope JCoure is correct. Given the ridiculous bidding for Khoemacao as hinted at yesterday, our quality assets would make us a takeover target at a $13b market cap. And that's in weak Australian dollars. So there'd be strong interest from abroad given what's ahead in the next few years. And everyone knows it. So that would keep a floor on our share price.

Today's heavy fall in price is what I suspected would happen yesterday. JCoure isn't totally wrong to say the result looked nasty despite bring largely forecast. I thought the dividend would be higher and the headline loss was confronting.

Looking at S32's history of capital management shows they pay higher dividends when the share price is higher, and buy back more shares when the price is lower. They're smart operators. Speaking of buybacks, I'm doing one of my own. I bought a few more this morning at $3.46 and am still modestly positioned in S32. Thank you very much. I've been about 50% in cash for the past 12 months. At $3.00 I'd be pretty excited to put some money to work. I don't mind these lower prices at all. And a turnaround at some point is almost certain. We produce stuff the world wants and needs.

The article itself isn't very good so l won't link to it, but the headline sums up my thinking perfectly and applies to most of our commodities right now: