He doesn't mention the 30 billion debt they have on the balance sheet though ( No CEO ever will) . As interest rates continue to rise the 6 billion FCF will erode incredibly quick to service that debt. Incidentally GC are one of the highest Debt trading mining companies listed. Long term debt running 5x FCF. (That's not insanelyhigh, but getting up there). I still don't think they are in a position to do a TO of HCH.
They may also have a longer neck than I give them credit for too?
Ann: Hot Chili Granted Maritime Concession Land, page-23
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Mkt cap ! $124.1M | |||
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