GK lost a lot of shares in the marital settlement so, yes, he...

GK lost a lot of shares in the marital settlement so, yes, he probably really does need that many

With a company this size, even if every one of us on HC voted against the incentive shares it wouldn't make one bit of difference to the overall tally. Although I agree in principal that too many companies are too generous with options and shareholders are diluted by boards looking after themselves. I've never had this feeling about South32 though.

I judge GK and the team on what they've done in regard to cutting costs, growing our exploration prospects and Hermosa. The share price has little to do with anything the board can do. I've said it many times, but when I compare S32 with global base metals and diversified miners (not the iron ore giants) it's obvious we are a victim of low commodity prices. It's not like our peers are at 12 month highs and we're languishing due to operational difficulties.

I've looked at the AWC share price, and then thought (knowing nothing of their business), "why buy this for a turn-around story when S32's biggest exposure is aluminium / alumina. S32 seems to fly under the radar despite its market cap. The more I look at this company the more I like. It's a place I am very happy to be, despite being about 15% down on my average buy price. It's no wonder our share price is struggling with the aluminium price is under pressure. This won't always be the case, of course. And in the meantime we are still making good money.

Unlike Kev, I hope it does go under $3.00! I've been 50% in cash for about 18 months and whenever S32 drops 20 or so cents, I buy another small parcel. I'd love an excuse to put more money to work. At the moment I see our share price as very cheap, but not ridiculously cheap. $2.60 to $2.80 would be a price I'd welcome if the materials sector had a bad couple of weeks.