tag:blogger.com,1999:blog-816559531110064247.post6507253446027238137..comments2024-03-08T01:03:44.522-08:00Comments on Humble Student of the Markets: Gold stock mysteryCam Hui, CFAhttp://www.blogger.com/profile/09672203690656029787noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-816559531110064247.post-5409407345599277162009-03-09T01:59:00.000-07:002009-03-09T01:59:00.000-07:00Most PM miners, even the larger profitable ones ha...Most PM miners, even the larger profitable ones have at best only marginally positive free cash flow after capex and consequently the industry borrows heavily to fund growth. Need I say more? The discrepancy in your model before the financial crisis developed I would put down to ballooning energy prices at that time.Unknownhttps://www.blogger.com/profile/12506512502800661293noreply@blogger.com