Ann: Kin Intersects Further Thick Gold Zones at Cardinia, page-20

ecco,
Dividends could be ten years away, fifteen, who knows.
Big, fat, reliable, sleepy, unexciting industrials pay dividends because
they can't think of anything better to do with the cash.

KIN is a wonderful company but it is a teeny, weeny, little company
sitting on some very prospective ground. There is so much that KIN
could do with excess earnings, like drill, drill, drill, and tunnel, tunnel,
tunnel and construct declines to send trucks deep into the earth.

Paying dividends is like haemorrhaging. It tends to weaken a company.

We should not be buying KIN for dividends in the near term. We buy
KIN in the hope that it drills itself into the big league and then becomes
a whopper. It it does, as seems likely, then would be the time for some
nice, fat, dividends.

Meanwhile we hope for share price appreciation as the value of the
company increases. If we want to fund our retirement in the near term
we must hope for share price appreciation so we can sell at a profit.
Only later could the divies fund our days of golf and fishing.