....so despite trying to remove all pink filters from my...

....so despite trying to remove all pink filters from my spectacles, despite being burned at RCR and Maca (to a hopefully repairable degree) despite being  cognizant of the market out there I still  see NRW as  in a ‘sweet spot’ .

The company is not too large and not too small and says  it is content to rest in it’s position, with all operations running ‘exceptionally’ well, with cash in hand and potential finance ready to go should the need arise.

This sounds like a great position for everyone to be in in the current market.


As to opportunities :
$20 million down payment will buy one of Australia’s largest open cut miners with a turnover of $1billion? Or get you a seat at the table?
.....Actionable in the near term .https://www.theaustralian.com.au/bu...g/news-story/da845dbf953e68a3034bfe73bdcd47a2
“Documents have been sent out to parties by an organisation called CapRaise seeking expressions of interest for an investment via a management buyout. The document requests equity or debt worth between $500 million and $550m and asks for a minimum cheque of $20m.
.....
“Annual turnover is $1 billion and key customers include Rio Tinto, Glencore and BHP Billiton Mitsubishi Alliance and the business is described as “non-core to the owner and actionable in the near term”.

Beyond this in the mining sector  I had not linked previously to BGC’s contract with Koolynobbing being wound up early https://thewest.com.au/business/min...ure-to-put-hundreds-out-of-work-ng-b88779209z)
Although that contract may have been extended as, at  the last minute,  Mineral Resources bought the mine :https://thewest.com.au/business/min...-hundreds-of-mine-and-port-jobs-ng-b88864892z

Watpac: last March https://thewest.com.au/business/mining/watpac-searches-for-mining-contracting-exit-ng-b88789778z
“Contracting company Watpac is looking for an exit from its poorly performing Perth-based mining business.
Watpac yesterday said the division had failed to win two recent big mining contracts against expectations and was being reviewed. It would include exploring sale options for part or all of its business or assets.
The mining division’s “disappointing” performance played a big part in Watpac forecasting an underlying loss before tax of $3 million to $5 million for fiscal 2018...”
Followed by a July update https://www.copyright link/street-talk/bids-lob-for-watpac-mining-business-20180717-h12s0g
“Three months after putting its struggling mining business on the chopping block Watpac may be getting some traction.
Sources told Street Talk an offer for the division has been lobbed by a private Australian company in the range of $50 million. ..”



Here FWIW is BHP’s take on “where the industry went wrong” https://www.bhp.com/-/media/documen...ons/2018/181121_CapitalAllocationBriefing.pdf  from November 21.
Interesting but overall a bit too ‘compelling’ for me to discern what it might mean for NRW so early in the morning
(Thanks for the pointer @madamswer )



(Finally, as a complete aside for anyone interested in fund POV’s, here’s one which doesn’t seem to invest in NRW ( but I thought you might be interested Pb. http://www.cooperinvestors.com/pdf/Reports/BrunswickFund/BrunswickFundQSep18.pdf )