A fairly dominant slide from BHP. They post this each half every half, but, it is quite a magnificent demonstration of thesis.

Cashflow rich assets producing at the very bottom of the cost curve. The very best endowments going, in most instances.

We will probably always have some exposure to BHP. With commodities, it is not so much the price of the commodity that matters but rather your cost in producing it. That’s what determines whether or not you live or die by the cycle, and in this instance, thrive in it.

Mind you, we give the attempted takeover of OZL at $25 four thumbs down. That’s top of the cycle M&A type stuff, which is admittedly part of BHP’s MO.

Also worth noting that the capex schedule looks good for service providers like MND and WOR.

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