Ann: Tiger achieves revised 2016 Annual Guidance at Kipoi, page-9

I'm torn on this point in the short term. If the price of forward copper moves towards spot and they can lock in forward sales, then that derisks repayments and I agree - buyback as much as possible until 10-12c (excluding deleted shares) which from memory is about half EV to NPV. Otherwise focus on payback of debt which when sufficiently low will bring more institutional interest. Optimal financial strategy is an interesting discussion imo...