S32 1.85% $3.04 south32 limited

Ann: Hermosa Project Non-Cash Impairment, page-31

  1. 709 Posts.
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    Your post is spot on.

    In particular there is a lot of wisdom / experience in your last paragraph.

    Companies should either buy very cheap early stage exploration plays or derisked operational assets. S32 got skinned by a smart seller with a history of flipping projects at in development.
 
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