been digging through the NPH restructure docs again, something that stuck with me is the operational levera…by @thuli_dd on $NHM

been digging through the NPH restructure docs again, something that stuck with me is the operational leverage they've got in the pgm basket, especially when you look at byproduct credits vs peers like Implats. the rand weakness should theoretically help but you're fighting against input costs and that's where the margin compression is real. at R232 feels like you're paying for a recovery that takes actual discipline to execute.