Rushing a buy-back could bankrupt us (eg. putting pressure on the financials, and then some unexpected event happening like accident/shutdown/failure/gold prices falling).
They may very well be cashflow negative right now, until plant 2 is running or grades improve.
They did a raising for a reason. They need the money, and it wasn't easy to get debt for a good price. They actually need to be repaying debt soon (Nucharee).
To do a buy-back now would lead us back to where we started - short on cash, unable to get debt at a good price. Though even if they did announce a buy-back for max 10%, they'd probably only do it in a subdued fashion anyway, like 0.5% total.
Though they're free to search for low cost debt at their leisure. If they found it, then maybe a buy-back could be reasonable, if the plant started to show profit and the SP was seen as undervalued.
General discussion, page-2623
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