Speaking at PDAC in Toronto, Rule suggested the general scepticism about miners was well founded given shocking recent performance,
He pointed to gold miners last decade delivering declining cashflow per share despite a six-fold increase in the price of their commodity!
The non-performance was a function of growth being pursued at the expense of all else, with the strategy inevitably introducing marginal ounces.
In contrast, Rule said conference calls he had heard in recent months suggested companies were now starting to sound like proper businesses.
He noted growing balance sheets and was optimistic M&A in the next 2-3 years would be disciplined and involve win:win t...