This statement is incorrect. Brazil IO has some advantages such as the currency depreciating more than the AUD. But here are some of the issues which you may not be aware of:
- Most Brazilian IO Firms who have high debt levels need to repay the debt back in USD, debt interest also reduces the funds left over to shareholders. Yes AISC is cheaper but once debt is taken into account it doesnt look good.
- Brazilian IO Firms who dont have debt and would like to expand production find it difficult to find financing as foreign investment is leaving Brazil due to the investment grade of brazil.
- The quality of Australian IO in most cases is of better quality than that of Brazil.
BCI has no debt, thus all profits/losses flow through to shareholders. Its one of the reasons why i bought into it.
Ann: Date of Annual General Meeting, page-16
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