Ivanhoe Mines Ltd (IVN.TO)

He's a very large shareholder going back many years, and the stock's treated him very well. You need to be able to take some political and operational risk. Seismic event and subsequent flooding in its primary asset. Flooding has been handled, but it'll be 6 months before the seismic event is understood.

Meanwhile, record copper production worth millions. Operates highest-grade big zinc mine in the world. Recently turned on a palladium/platinum/nickel mine in South Africa. A major in the making. He's a real fan of the founder and Executive Chair.

Unfortunate flooding and suspension of one of its premier mines in DRC. Still trying to assess infrastructure damage. Guesses it won't be back until late 2026. Inflection in FCF could be pushed beyond then. Investment and vote of confidence from Qatar Investment Authority. 

In limbo. Highlights scarcity of world-class mines, seeing M&A, could be a takeout.

Stock fell precipitously because of underground stability issues in Congo mine; operation is temporarily suspended as they fix it. Suspects this issue might last 6-8 months; part of the answer involves less aggressive underground mining. Longer term, that complex is nowhere near maturity in terms of copper production. Bringing on world's largest platinum and palladium mine, plus world's highest-grade zinc mine.

The only reason not to own is if you're afraid of the not-insignificant political risk in both South Africa and Congo. Sometimes if the technical aspects of a project are truly superior, you need to stomach the political risk.  He's a very big investor, so there's a lot of bias in his answer ;)

Management has proven ability to operate in difficult environments. DRC min is 4th largest copper mine in the world, so recent seismic event is unfortunate. Significant potential, but he wishes it were in another jurisdiction.

There's no such thing as an easy path when talking about emerging areas. He avoids those risks.

The pricing and politics are out of your control, and so is seismic activity--will it go away? Having a small position in base metals make sense, but IVN is too uncertain. IVN is a lottery.

Still likes it, given where we are in the cycle. Copper still has some room to run. Consolidating here, but expects it to break out to new highs either this year or early next. Same applies to TECK.B.

He'd look for the beginning of the next leg higher, which shouldn't be that long away. Consolidating, not technically broken. Likes it.

Most successful stock pick ever. Great way to get copper exposure. Geopolitical risk, but deposits very good. Several expansion options about to open. About to open new Zinc mine in Southern Congo as well. Excellent management team with track record of success. 

Expensive at 42% above its fair market value. Also, it's exposed to Africa. It may be fine there, but the growing nationalism worries him.

Very large shareholder. Fan of management team. Expecting higher copper prices going forward. Electric demand growing steadily. Would recommend for the long term shareholder. New mines being completed globally. Raising capital for new projects - very bullish. 

Continues to like the stock - one of top picks. Very strongly correlated with copper prices. Excellent pick. 

Depends on if you're a speculator or investor. Electric has changed mining by using their Typhoon geophysical technology to apply to deposits around the world, so this is a spec buy. That technology could be game-changing. The Mines is far more senior with existing operations in Congo and South Africa, so it's an investment.

One of the most expensive mining companies, with valuation along the lines of Google. He targets $7.68, so more downside, but would buy at that level. Will higher costs impact their next earnings report?

A rough couple of months on the heels of a truly spectacular decade. Owns one of the most profitable copper mines in the world. No longer cheap. Political risk. A major mining company in the making, so he keeps holding.

Big fan for a long time. Wonderful stock, and this should continue for people who can psychologically adjust to the perceived, and real, political risk of operating in the DRC. Has met and exceeded all guidance for a very long time.