Mickey
appolgies - yes, there is obviously a 4th option !
however - in mining, you have to replace the stuff you mine (either from additions in an exsisting mine orebody, or via a new discovery). This "capital" is similar (from a financial perspective) to miantance capex in a typical industrial company.
about 1/3-1/2 of the group cashflow ....has been to "develop" orebodies for mining.....
rough estimate 60-70c if the company had NOT paid a divvy......however, it would not have discovered voice/cassini/BO1 / and 3 other (small) mines .......
I do agree - that the company pissed abt 30m against the wall in PNG ......
welcome to the "cyclical" nature of mining !
there are plenty of companies that will go broke .......before MCR !
as I said - this is about survival....
rgds
V_H
Mickey appolgies - yes, there is obviously a 4th option !...
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