AGM - TGS, page-17

Meh... Yes, agree a higher USD generally adjusts commodities down, and might move TGS by a pip or two, but the rerate is leveraged to finance far more so. And the only way to get in on that bus is to hold stock.

Also, it's normal doing supply contracts in USD when doing projects internationally generally, but especially in Africa. I would find it far less tenable risk proposition if they were buying services in Congolese Francs - who knows where that rabbit hole could go in a day. Was that your point earlier? My view - high throughput, low margin miners should be concerned about this and could hedge. But high margin, low throughput - really not that material to us.

Lastly, it may be helpful to consider they picked up the remaining 40% of their JV partners share for c.$100M, against a project value of $700M ($240M share). While the dilution with Taurus isn't ideal, it's still cash to TGS. Again, I disagree this is the handbrake. Finance is the handbrake. Hanging on a deal.