High Margins And ProfitabilitySustained high gross and operating margins reflect efficient integrated operations (mining→refining→smelting) and strong cost control. Durable margin cushions allow reinvestment, steady cash returns and resilience through commodity cycles, supporting long‑term profitability and ROE.
Very Low Leverage / Strong Balance SheetMinimal debt and a high equity ratio provide financial flexibility for capex, maintenance and downturns without heavy interest burden. Strong ROE shows efficient capital use, reducing refinancing risk and enabling strategic investments or shareholder distributions over the medium term.
Robust Cash GenerationVery strong free cash flow growth and operating cash conversion indicate high earnings quality and internal funding capacity. Reliable cash generation supports dividends, capex and balance sheet strength, and provides a buffer through commodity price cycles and investment cycles.