Because it says they don't think they are going to be making the cash in the next three years they should be, That is a worry. At $3,000/oz the cash balance should be growing rapidly even with sustaining capital investment and exploration. It says they don't think they are going to have the share price appreciation to use future paper. It says they don't think the market will support value accretive deals because they don't deliver the returns they should be at $3,000/oz.
It sounds like one of the assets is at risk of not performing and they need the working capital headroom.
Ann: Westgold Establishes $100M Revolving Corporate Facility, page-22
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