Pros
1. Most of their assets are in lowest cost quartile. 2. When they stuff up they have deep pockets and cash flow to survive. 3. Some outstanding technical and operating professionals. 4. Pay is reasonable without being outstanding (unless you are on Exco then it is like winning lotto).
Cons
1. Don't really value their people, especially experience. Do not learn from past mistakes. 2. Make the same big strategic mistakes over and over again (e.g. Ravensthorpe, HBI, sell down of Coal, poor maintenance investment [e.g. Samarco], sale of assets for little value) 3. Get into areas they don't understand (e.g. Potash, downstream processing, Gas) and then have to write-down massively when the market turns. 4. Senior management have a short term timeframe 3- 5 years, and operate accordingly. 5. Have got rid of (or allowed to leave) key experienced people. Promoted people who don't understand the consequences of their actions and have failed to learn from past mistakes. 6. Pay lip service to safety and don't understand how to change the poor associated culture.