Ann: Tshipi Signs Agreement with South32 to Mine Barrier Pillar, page-33

JMS employs a handful of people but generates a heap of cash through having 49.9% of Tshipi and it distributes that cash to shareholders, the mine has a very long life. If you reinvest the money instead of paying it as dividends then the primary reason for holding this stock goes away and many including myelf would simply sell and the sp would tank. Reinvesting would IMO dramatically increase the risk and I cannot think of any project currently available that would be as profitable as Tshipi for the level of investment involved even if they had the right employees which they dont. They have 2 iron ore interests but are looking to sell those because they dont want to diversify and to quote the directors JMS is a boring company that is unlikely to change the model, the CEO said he may look at it in 20 years time when asked at an online talk last year. There are many stocks to invest in if you want profits ploughed back in but there are not too many stocks like JMS so why change a winning formula.

In a nutshell it simply will not happen as it doesnt make sense for this company and I dont believe there is any support for it from the BOD or the major shareholders.