GRR chart, page-8

Just putting it in context (for me maybe) $200mil isn't that much in reality - certainly a lot for a small company but not when you think of the infrastructure costs involved in getting SD up and running. I know that the stated plan is to off load 30% to a partner leaving GRR with 40% of the project and I suspect any cash from that "sale" would be earmarked for the development. Having $200mil in the bank would diminish the need for borrowing or a CR. In the end, having a healthy cash reserve plays into shareholders hands and favour. At this stage, using cash to diversify may not be that prudent if the SD project is the priority.

Having said that, the current dividend (while a very healthy 8% after franking) still represents only 20% of profits and I would like to see a 40% return to shareholders moving forward. That would still allow a considerable increase in cash reserves in the future.