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In commodities, the best time to buy is when nobody wants to. The worst time to buy is when everyone does.
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We are not a mining company. We are a trading company that happens to own mines. The difference matters enormously.
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I take $1.35 million a year in salary. The rest comes from dividends. That means when shareholders get hurt, I get hurt. That is how it should be.
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The balance sheet is not a strategy. It is a constraint. You manage it like a fuel gauge — you never let it hit empty.
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I walk the floors of every operation. I know the cost per tonne in every mine. You cannot run a commodity business from a boardroom.