Ann: Transformational Acquisition of the MATSA Mining Complex, page-359

I have no real interest in a short-term dividend. SFR are a mid-tier company who is going to be embarking on a reasonably capital intensive journey ahead (with respect to CAPEX in Botswana and potentially Old Highway and the USA). Add to that no shortage of funds required for value accretive exploration across all their assets, and I think that the money is better spent reinvesting in their own assets, rather than what feels to be a premature shareholder payment.

SFR's debt is very manageable (assuming commodity prices don't go belly up), however it is pretty significant. It doesn't make sense to me paying dividends when there is so much debt outstanding and so much exploration ahead.

I think they will pay a dividend, as a last hooruh for DeGrussa (and it'll be franked too), but I'd actually prefer if they didn't.