Reality check, Lots of criticism, opinions, blah blah from people who have never spent 30 years in mining like the CEO with a stellar reputation. It may be helpful to delete people who say dumb things about him, so you can enjoy what others say. Please contribute yourselves. Let’s improve the Board.
For some reason, the BOD has approved the buyback until late November at this accelerated rate. We may also assume they know more than the rest of us. It may indicate positive FCF going forward even at these prices. The critical number in mining on a short term basis (1-3 years), is FCF, not earnings. D and A are non-cash items among others, that distort the actual cash position of a mining company if you only think in terms of p/e. All industries that require front-end cap expenses get to write them off later., and depletion of reserves is the same. Let’s have a reasoned sharing of ideas here to our mutual benefit, realizing none of us may know as much as we think we know and perhaps learn from other’s experiences. I look forward to having great feedback.