The issue of the buyback is separate to the dividend as it was...

The issue of the buyback is separate to the dividend as it was initiated last year, but weve now dropped to below $200 for NewC from a high of $400+ so surely you would agree that in this regard (as youve argued this point) the buyback makes compelling sense currently.

I think youre concentrating on the buyback a little too retrospectively at the highest price levels and have overlooked WHC is about to start mopping up stock again which is about 1/3 cheaper than the highs it hit late last year.

Also, dont forgot that both buybacks (the initial 10% followed by the current 25% one) have picked up stock at cheaper prices (some below $5.00 if I remember correctly) so this needs to be appreciated too rather than just thinking all stock bought back at a higher price to the current share price was a waste of shareholder value.

The buyback is going to take so time obviously, but at the end of it Im confident (as I already think it currently has been) it will be value accretive for Whitehaven.

And any thought about larger dividends will be supported by the fact that the share count reduction will have boosted all future payouts by around 53.8% (1/0.65) once both of the buybacks reduce the share registry by 35%.