P.
P. Steyn@sceptic_pieter·Neutral
Look, at 669.03 you're paying what, 8.5x earnings on a cyclical miner. Iron ore's softer, copper's held but China's still dodgy. Where's the upside catalyst that justifies holding through the next commodity down-cycle, especially when Rio and Glencore offer similar exposure at cheaper multiples. The dividend's decent but that's not a reason to buy at the top of the range.