I think he has a longer/medium term plan to get to 1m oz of annual output at high margins and Dividend payout is not a priority. Exploration has been super successful. If you are finding new ounces at $39/oz, I say keep exploring and let's not get too worried about divs. Capital and asset growth long term will far outweigh the dividends. Strategic acquisitions also very important but not so easy. I suspect there will be some infrastructure spending, hence the need to conserve cashola.
Ann: FY16 Unaudited Financial Results-NST.AX, page-5
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