Ronald, surely you're putting the cart before the horse wanting clarification of a dividend policy?
There can be NO DIVIDEND without CTO successfully mining much more gold, without CTO being cash flow positive, without CTO getting in many more dollars than are expensed.
Surely THAT is the priority. If that is achieved on a sustainable basis then it's time to look at a dividend policy.
an open message to citicorp, page-12
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