The new Capital Management Policy outlines that they'll...

The new Capital Management Policy outlines that they'll endeavour to hold a minimum of $300m in cash at any one time (among other things like the 6% of revenue to be paid out in divs which I found unusual).

That means we're producing huge amounts of cash each quarter and even with the projected CAPEX for FY18/19, we're still sitting on too much cash. Not sure how they'll manage that: buybacks or special divs if the POG holds up. Perhaps the excess will go to developing the new discoveries?

So even if they drop $100m to progress the new finds, we'll still be over the $300m cash threshold according to the policy.