Unfortunately you're not going to be able to borrow money backed by African Gold Mines at the same rate if you wanted to buy a 3 bedder in Broadmeadows. It's a pretty good outcome considering it comes with zero hedging requirements.
The market historically rewards companies who pursue value accretive M&A over those who just pay out dividends.
I do understand your sentiment but considering gold prices are at record highs (and may possibly continue) and yet the equities are lagging behind, one could make the argument they are relatively undervalued. M&A (or at least the balance sheet preparation) is a good idea at this point in the cycle.
RSG Price at posting:
66.0¢ Sentiment: Buy Disclosure: Held
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