Umm @Kevo88 your statement wrt to margins in refining being higher than mining is "not accurate"
This has been studied over and over. And in the higher priced environment it heavily favors the miner. The major benefit of integrated miner/refiner is the much lower pricing volatility, which would primarily come from "contract pricing" (I'd say listen again to Paul Graves Arcadium interview by RKE recently)
Here's one set of data on Mining V Refining margins (done at high spot prices to compare with (lower) contract prices)
Umm @Kevo88 your statement wrt to margins in refining being...
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