Alcoa (AAI) and Xanadu (XAM)
Dear MM, Firstly, thanks for your excellent, excellent service. You guys are doing a great job. How do you ensure you have diverse views and sufficient challenge in your decision making process? Alcoa: I was recently on the Q3 call, and the market for alumina and bauxite would seem to be very tight. I suspect Aluminum is not as widely regarded as Copper as an energy transition metal... though I think it is. Your thoughts on this and your thoughts on Alcoa (I know you are already long and bullish S32). Xanadu Mines XAM have just released their PFS on their monster resource at Kharmagtai with a post-tax NPV of US$930M (massive vs their current market cap of AUD$116M). Have you looked at XAM, is it on your radar, and your thoughts? Thanks, Young