Ann: Ceasing to be a substantial holder, page-81

lol no not a disagreement, possibly this is just down to my communication skills doing a face plant.

What you are speaking of is quite correct and comes down to owner earnings i.e. earnings adjusted for non-cash items and maintenance capex. If you need to reinvest just to stay in the same place (or go backwards) then clearly you're in trouble. Additionally risk is a factor.... mining investment is often speculative (depending on what stage they are at) as to make major bank you need to fund them while they are prospecting, then wait for years for mine development... assuming they actually find enough to make the whole effort worthwhile allowing for opportunity cost.

None of this contradicts the point I was making though....
If the company can reinvest to expand (owner) earnings at a greater rate than the investor is likely to get via their own investments, then they should retain capital rather than pay out.