Let’s not kid ourselves. Nothing is safe in business when there are substitutes and swift technological advances. Mining is not safe when China slaps an embargo on Australian coal.
All risk has to be managed in business. FLC and MABR included. Business arrangements like licenses deal with the rest of the risks.
We take a view that the management have hedged all the risks. If not, the management is incompetent or naive, especially in cut throat places like China. Buyers beware.
Let’s not kid ourselves. Nothing is safe in business when there...
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