As People Pile In

By Tshepo Magagane

As people pile into mining without any knowledge or experience – understand these simple things – this should simply have never been issued.

I want to see the NPV at 1.3k downside.

I want to see base case at 1.8k.

Spot is upside.

Think about it simplistically:

* Debt provider – for the debt service to run into trouble, 25-50% of global supplies should have come off the market

* equity investor – for the hurdle not to be hit, 50% of the global supplies should have come off the market

As you are sitting to not only in Quintile 1 but mid or left of Quintile 1

Investing is a probability game.