Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Offer accepted at $3.3b. As I predicted the sharks owning the minority interests in THP squeezed an extra couple of hundred big ones out of Río. Some are still dissatisfied - hedgie Sailingstone, which hold 2.2%, objects that it's not early enough "We are not interested in selling our stake at a massive discount to intrinsic value as we sit on the precipice of a wall of free cash flow."
I very much like the idea of falling into a "wall of free cash flow".
Rio has upped its offer for the 49% of Turquoise Hill it doesn't own, from $2.7b to $3.1b, despite copper prices having fallen since the original offer.
I'll bet the sharks who own it will try to squeeze Rio even more. Rio should call their bluff and make them pay the development costs of their 66% stake in Oyu Tolgoi.
Don't understand the recent slide in the share price, given good recent contract wins, positive trading statement, CEO purchasing, somebody stake building etc.
So I added about 25% to my holding, taking my average up to almost £3.50. Some more income falls into my ISA on September 12, so if the price is still this low I'll add another 10% then, in confident expectation of very positive H1 figures the next day.
The largest current holders of Thungela are:
Public Investment Corporation (SA): 14.15%
Fairtree Asset Management (SA) : 4.92%
Aberdeen Asset Management: 4.73%
BlackRock Investment Management: 3.81%
Coronation Asset Management (SA): 3%
Vanguard Group (SA): 2.81%
Schroder's: 1.05%
BlackRock Fund Advisors: 1.01%
Odey Asset Management: 0.96%
Truffle Asset Management (SA): 0.65%
Crispin Odey tried (and failed) to do Anglo American over for a massively bigger take-over price for poor old Sirius Minerals when AAL bailed them out - I wonder if that's how he ended up in TGA?
Bought back at £5.66 the ones I top sliced in January 2021 at £9.05. Might pick up a few more with upcoming divis if it stays this low for the new month or so. Average well under £2.50 per share.
All helps raise awareness:
https://www.ft.com/content/016b8094-84b9-48f1-b90d-5f4981b42b8d
I'm very happy. Mostly bought in the £2s and £3s, now my 2nd largest holding (after Berkshire Hathaway).
Potential eps of £9 or more, divi could easily be 20% or even much more.
I'm expecting this to double (or more) in the next year, possibly less if coal prices remain stratospheric, and if they sort out the Transnet mess.
Losing the finance director (to run a motorway service station ...) is bad, failing to find a chief executive is really bad.
I blame Chris Holmes failing to secure his succession and stupidly thinking he could transition from (moderately effective) CEO to (pretty rubbish) non executive chairman. It's been down hill since then.
So glad I cut my holding by 90% 5 years ago. Thinking about selling the rest.
Every time Opulentia makes a fatuous ramping post the price promptly drops, as today when s/he called it at over £50, and last month when s/he was boasting about hitting the £60s. 20% down this year isn't good, nor is the slashed divi, but for long term holders (I've been in and adding since the mid 80s), short term fluctuations make little effect on massive long term capital and income gains.
I'm a bit depressed by the dividend. Understand it's politics, but they were going to get screamed at for the headline profits, so why not chuck an extra cent or two on the divi every quarter as the volume of noise would be no greater? - and it's still only just over half the pre-covid divi.
I'm a bit depressed by the dividend. Understand it's politics, but they were going to get screamed at for the headline profits, so why not chuck an extra cent or two on the divi every quarter as the volume of noise would be no greater? - and it's still only just over half the pre-covid divi.
Revenue up (12%) but profit down 10%. Income down 38%.
Seems a bit disappointing to me, and the excessive reliance on Sublocade (nearly 40% of revenue) worrying.
But I'll carry on holding (average price of just over a quid, so still a nice profit).