Read pages 6 and 7 of Saturdays Globe ROB- it gives very good press to the CEO- Mr Garofalo. His astutueness ( or just plain common sense) are clearly illustrated. This man is key to the success of this company as he is in essence the orchestra leader.

Now I would comment that there is a hidden side to the writedowns that the large mining companies are taking-   this will have a positive side  since frequently the writedowns are much greater than needed and as a reult  they will result in larger profits later as there will be less asset on the balance sheet to writeoff against the revenue. This is an old trick to make the continuing CEO look much better in the future years. But remember the writedowns do nothing to improve cash flow the life blood of any company but especially those in  the resource sector.

While almost all complain about the low stock prices of the mining companies this situation is in fact a big opportunity if the investor is able to pick through and determine the winners.

 

HBM is one of the winners as time will tell!

 

Rock