I see what you mean but the assumption that the amount to be...

I see what you mean but the assumption that the amount to be distributed is exactly 36 million greater in the non buyback case than the buyback is probably a tad favourable to the non buyback ( especially given tax position)

This capital appears to already be locked for growth or as reserve. The buyback appears to be a stopgap In lieu of that growth expense occuring with reasonbly strong cashflow due to tin price ( as well as a realisation that growth is coming) buy back now not later. The large losses on paper as tax offsets reduce the value of the dividend compared to buy back?? Dividends later are worth more not accounting for net present value to current holders.

1st tin, ringrose, rentails and whatever else come up will cost but will provide dividends for years hopefully. Also need to account for price appreciation long term in the buy back scenario. Low 30s when buy back started? I realise a dividend would also be price appreciative but could be much shorter lived.