Mining v Tech

By Tshepo Magagane

Mining v Tech – And yet for the same cashflows ie Nvidia v BHP; the market will only pay a 6% for BHP v Nvidia (5.4trn v 323bn).

Which makes me even more convinced that mining stocks should not be listed (and they should not be issuing equity if listed).

And that private capital is going to be so important for mining.

Think about mining – you are talking about 38% FCF margins for GoldCos to the right of the cost curve.

When you come to Copper; that is going to eventually get to the 75-80% margin level.