Ann: Quarterly Investor Update, page-31

Agreed. Disappointing yes! It's noise only (admittedly loud) but the growth in the underlying business evident in the quarterly comparisons and the further diversification in client base away from coal (albeit metallurgical) into base & precious metals points means less risk. The reward is there for those that shut out the noise and can see where the board and management are taking the business. Favourable industry tailwinds are a fact and not spin to distract from the one off hit announced today.Happy to keep accumulating at these prices. The quarterly mentions capital management as a discussion point for the half yearly. I hope they start buying back shares in lieu of a dividend. The biz is cheap, any buyback now will pay well into the future for patient shareholders if they can keep growing and nothing suggests they can't keep doing so. Big licks of the biz are owned by the board/management, they're well aligned with shareholders interests