Good AGM commentary from NCM, perhaps chief amongst them is the good cost control story, despite the highly inflationary environment.

Cost escalation issues have mired many a quarterly of late, so it is good to see this one managing well.

The below also frames the thesis nicely, too. NCM have good free cashflows, and their is some optionality for margin improvement depending on the type of mining approach used (e.g. block caving, as mgmt have outlined in prior commentary) but mainly we own it as a hedge against copper going-to-infinity-ala-lithium-given-renewables-shift.

We didn’t think it likely, and we worried about China slowing down, equally, we are very underweight BHP, despite having a position (~4%) but at below $20/share we thought we were well enough compensated for the range of risks.

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