Articles tagged as "mining"
Unveiling the layers of executive remuneration in mining companies
As active managers who seek to understand businesses, we take a keen interest in how companies are governed and the impact they have on society.
Glencore: The investment case for an ESG improver
In 2018, the US Department of Justice (DOJ) announced an investigation into Glencore for a violation of the US Foreign Corrupt Practices Act (FCPA), primaril...
On the commodity boom and other South African fables (and foibles)
Just as the economic destruction from the COVID-19 pandemic rose to crisis levels, strong commodity export prices swept in to alleviate South Africa’s fiscal...
Global recovery underway
The world is recovering from the pandemic and 2021 should see strong global economic growth. The epicentre of the recovery is now the United States, where th...
Do you enjoy pain? How about the platinum industry?
Over the past two years we have invested in certain platinum mining companies. These investments have performed extremely poorly. Andrew Lapping looks back a...
The benefits of being counter-cyclical in a cyclical world
“Prediction is very difficult, especially about the future.” – Niels Bohr. In cyclical industries, understanding where we are in the cycle and acting...
Gold: A history of its price
Inventories play a significant role in the pricing of commodities: when they are low prices tend to rise, while excessive inventories depress prices. However...
Commodities: Opportunity or risk?
We are ‘bottom-up’ investors who pay more attention to valuations than to macroeconomic forecasts. We do extensive research to calculate what we believe is...
How things change
Global mining businesses have had a remarkable fall from grace over the past 18 months. Talk has moved from a 20-year supercycle and commodity shortages to...
SA mining and the sunk cost fallacy
Ian Liddle discusses why the challenges in South African mining provide an interesting case study of the 'sunk cost fallacy', a behavioural bias that sees us...
Platinum and palladium: Low-risk opportunities
Investing in platinum or palladium directly is taking a view that the prices of these commodities will increase. Tim Acker explains why we currently prefer...
