yes miners often suffer write downs with poor purchases. However the issue is the level of materiality for WSA on IGO, vs RIV to RIO, or shake to BHP. The majors, it was immaterial. RIO also suffered Alcan during GFC which was material and a severe event. BHP also had raventhrope although that was an organic project, not acquisition. However, as I said, the majors have diverse tier 1 assets that can soak this up. IGO, a little different.
Note RIO did have to do an emergency capital raising because of Alcan. BHP survived with no issues or raising.
yes miners often suffer write downs with poor purchases. However...
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$5.33 |
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