Ann: Change in substantial holding, page-27

I'm not sure if Sigurd Mareels has been misquoted, or is simply talking out their arse, but two things stand out for me in their comments and assumptions:

"Best case scenario GFC in 2008, green shoots in 2009." Really? After the GFC some parts of the Eurpean and US economy were going further into recession but gold mining and most resources were booming thanks to the growth in China.

"Scenario two resembles the dot com bubble in 2001, when it took about three years for the global economy to get back to normal." Seems to completely ignore the 9/11 attacks and the fact that the dot com bubble may have affected Ferrari salesmen and real estate agents in the Bay Area, but had almost zero effect in the real economy, it was a classic localised tulip bubble with almost no wider implications at all for the rest of the economy.

The comments about consumables logistics is only valid if you think that all mining consumables are manufactured in China, fact is they aren't, although the supply chain is worth highlighting in that non-Chinese mining suppliers will need to scale up so thats about their only valid point.

"10,000 people on site"? Really? Bit of an issue for a very select few mines in South America, South Africa and Africa which may be big producers, but what happens if their supply does temporarily halt? Metal prices respond that's what. For the rest of the industry - especially Australia - social distancing, small workforce sizes and the remote location of a lot of mines is actually a natural defence against the effects of COVID-19