The lower the current stock price is, the more a buy-back makes sense. HGO just announced a 273% increase in statutory profit, and the share price is back to where it was pre-announcement. With the SP at these levels, buyback is the best leverage towards creating shareholder value. In the worst case scenario of a copper price route, the company has a $100M+ hedge book it can close out to raise cash.
copper price, page-33
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