The financial calculus runs something like, dividends up to the franking credit balance, thereafter share buybacks.
This framework is tax and shareholder return efficient. It also allows fine tuning of the very strong balance sheet.
Both management and shareholders would prefer M&A to the buybacks but we are constrained by the lack of genuine opportunity.
The Taylor FID is imminent. The large capex needed ought soak up a lot of the FCF S32 throws off.
Quarterly due in about a week.
Ash
Sierra Gorda copper mine, page-107
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