Ann: Ivory Coast Milestone Reached and Next Payment Received, page-16

Not quite right. Share buy backs is an essential part of capital allocation and should be considered at all times by management compared to other options, it's all based on ROIC and opportunity cost, if share buy backs can yield higher return than other methods to deploy cash, then one should always choose share buy backs, it would be illogical otherwise. One common mistake by management is making acquisitions and develop new projects with lower IRR than had they bought back their own shares. If you can buy 50 cents for a dollar, you effectively made 100% return for shareholders.