Anglo American had their investor day presentation release yesterday, the actual presentation can be downloaded. So, now what? I mean, Minas-Rio is on track, 400 million Dollars lower than the revised plans, and is relatively low cost 33-35 Dollars per wet metric tonne. The wet has to do with the transportation method, a slurry pipeline 525 kilometres long. That is just a little shorter than the distance from Jozi to Maputo, imagine that sports lovers! Capex has been cut for next year, and the year thereafter. The dividend is expected to be funded from cashflows generated during 2016, just around when debt peaks. The company identified 10 projects (see the statement) and you can see which ones are going to be key in the coming years. As much as Mark Cutifani can do at the company in terms of operational brilliance and deep mining insight (I do not mean deep as in the sense of shaft deep), the tough operating conditions, the patchy power supply and unhelpful government (in some instances) against the backdrop of weakening metal prices hardly makes the company any more appealing now. We continue to avoid, in spite of all the best intentions and cost cutting in the world.