We've been bemused for some time at the lack of share price depreciation in light of the deteriorating earnings profile for the group and we've been skeptical for many months about the dividend policy of the company, it's interesting to see how things have played out reasonably rapidly. Brazil was certainly one of the major catalysts.

Ben Lyons

Categorized in : Energy

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(Rio and BHP) have both got some sort of growth pipeline, but both companies have been quite rightly reluctant to commit big licks of capital to add volumes to oversupplied markets.

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Given that gap in value, there is an expectation there will be further ongoing writedowns of the value of these assets.

energy

For some time, the market has been of the view that previous management significantly overpaid for these assets.

energy

That's certainly possible in the short term but it's not a sustainable policy for any company to pursue, particularly one that's exposed to cyclical commodity prices.

energy