Hi ES, I'm not a mining expert so I'm hesitant to give a definitive answer to your question. But since it is a commodity industry, I think capital allocation is important, M&A at low prices and avoiding unnecessary dilution. Conversely, the ones I'd avoid are the empire-builders, those that dilute minority shareholders into oblivion. Among the gold miners, I'd stick to the large ones like Barrick and Newmont.
What do you think or some of the telltale signs of commodity companies/miners that are well run? Any certain names that particularly stand out?
Hi ES, I'm not a mining expert so I'm hesitant to give a definitive answer to your question. But since it is a commodity industry, I think capital allocation is important, M&A at low prices and avoiding unnecessary dilution. Conversely, the ones I'd avoid are the empire-builders, those that dilute minority shareholders into oblivion. Among the gold miners, I'd stick to the large ones like Barrick and Newmont.