Panda, hopefully a lot more volume considering they spent 25 Billion $ to scale it up. What was BHP debt in 2005 vs now? What were costs in 2005 compared to now? It is difficult to compare - lots of other structural changes and change in oil price, change in coal price too.
I think their long term strategy to lower cost with scale on excellent assets is the right one but the new enlarged operations carry risk - engineering risk because there is no prior knowledge on tailings dams of this scale. We have to learn lessons the hard way sometimes.
For the short term the commodity price is falling, the engineering problems that may or may not have caused the Samarco collapse are unknown and the impact on other operations is unknown. When these things are known I may jump in again.
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