general, page-84

Im averaging down from $3.26 which i still think is good value.

The registers has a 19.6% holding by 3 or close enough to 4 funds that are very bullish on Commodities as i am, how ever the volumetric in all commodities seem to be a selling off cycle.

Of course this brings about good value for a 3 year horizon but incredibly frustrating when its all about the waiting game.

I also think the report will be marred with "waiting for Hermosa" scenarios which is all positive as the US Gov wants it to happen as much as S32 does.
They would never have made the purchase from Arizona mining inc if they did not think it was going to go ahead.
https://www.mining.com/us-to-fast-track-south32s-hermosa-manganese-zinc-project/

The next 10 days of S32 trading will be a washing out of he who wants to stay and he who wants to move on.
And the value destruction could be one to not watch the screen of what ever it is you are looking at.

I dont think China is in a bad a shape as the media portrays. It is a slow down with 5% growth lets say for an argument. Do you trust Chinese numbers, of course not, but it is a huge market that the Politburo can pull some triggers that can change the world of equities for commodities over night.
China has cracks in the system but the wall is not falling down by a long margin. The amount of a "lets call it, rust belt" is in the Trillions, similar to the United States "Rust belt" era. Building and mending infrastructure and allied facilities will require more resources than are what are available now let alone the massive limiting of commodities through the Capex reduction will cause a massive commodities short fall similar to the 2006 era.

Its a hold & wait game for me with an average down scenario. Of course not financial advice.