I think companies do buybacks when they're out of ideas. I think...

I think companies do buybacks when they're out of ideas. I think Richard has plenty of ideas. With debt being as cheap as it is, he might even be considering reloading a new debt facility and using that to springboard the company into a larger concern. Like most sectors, the key is grow big or die. Mines eventually run out so economies of scale and acquisitions is the window to escape velocity growth. You don't want to be in the twilight years of an operation forced to grab whatever's on offer. That was SBM's mistake, taking on a mediocre mine to offset dwindling production at their flagship operation. Someone suggested to Oliver Cromwell that he should strike when the iron was hot and he replied, "Nay, strike and make the iron hot."