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A strong balance sheet is not a sign of timidity. It is what allows us to invest through the cycle when others cannot.
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Our focus is on value, not volume. We want to be the best mining company, not the biggest.
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We are not going to do a deal just because the market expects us to. Every dollar we spend has to earn a return above our hurdle rate, full stop.
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The decision to pause Jadar was difficult. But we are not going to develop a project without a social license. That is a line we will not cross.