Ann: Media release and presentation re 2015 results, page-16

The main reason (IMHO) for big drop is (as I said before "Cash cost $5.93/ib = US$4.35/ib. Current Ni price is US$4.7/ib (only $0.40 margin)". This is a shocker. You cannot live on $0.40 margin.

Even in retail, high turnover CHEAP grocery like Aldi you cannot live on $0.40 margin. If you do, you haven't got a business. Cash reserve is from previous earnings. Not paying dividend is not a real saving, because your margin simply impossible to pay dividend anyway because you haven't got a business (only $0.40 margin).