White Gold and 2023 Dividends, page-14

I have expectations that they will announce a dividend policy that returns 30% to 50% of profits.

2 payments a year, interim and full year.

Buybacks are a complete waste of money, it would take over a $1B now just to reduce SOI by around 10%
As SP rises, the cost goes even higher.

That money would be better spent on acquisitions and growing the business.

As discussed elsewhere, fund current projects, pay down debt, rainy day fund and franking credits should come first.

I wouldn't object to a 5 or 10 cent capital return payment early next year though as a thank you from the board.