With the consolidation and formation of big companies, businessmen who are concentrating on returns to shareholders are increasingly managing these enterprises, instead of engineers and geologists. This better capital management in the industry will give higher returns to shareholders, which will mean a rerating of the sector. The whole mining sector is going down this route. The upside for aluminum is limited because the assets are all controlled by big companies now. Copper still has potential.
Gold is close to some major mergers.
The gold industry is so fragmented though. Freeport in Irian Jaya is the largest copper producer in the world. There are also smaller listed miners. We have never taken a large holding in Freeport because of the political situation. But through Rio Tinto we are indirectly exposed, since the company has several operations in Indonesia.