Ann: Update on structural separation of Fertilisers business, page-14

It's pretty simple. The world need more metals & ore grades are dropping. More earth to be moved needs more explosives to free it. CAGR of explosives use is 6% to 8% (depending on who you talk to). That's an enviable growth dynamic for any business.

Miners can try using Block caving with gravity to break the ore but you've got to get down there first (it doesn't warrant tunnel boring machines which are for long straight lines). All my experience backs the statement above, especially from specialists like Parenti (who I've just lifted my exposure to with the DDH1 merger). In fact, my people/stocks selling picks and shovels to the miners are doing better than the miners themselves importantly with less volatility. (I don't like it much but there it is).

All IMVHO. & please DYOR