Just remember if inflation expectations are say 5-6 percent you...

Just remember if inflation expectations are say 5-6 percent you need to add your risk-adjustrd rate of return (plus an Mali risk premium). If you project 5 years advance (you want long term debt) , they might have been look at >12-15% interest.
Cash reserves will be parked in a bank earning some interest at least (scaled to inflation expectations again), while they draw them down and invest in high IRR assets
I completely understand why they went down the equity route after massive price appreciation and before the demerger.