Blackwater sell down, page-26

Its pretty clear that WHC's objective is to get rid of all the debt as soon as possible and eliminate interest expense. The Blackwater selldown should allow that to be accomplished this year. Beyond that my expectation is WHC will want to rebuild its cash position to at least A$500 million and possible A$1 bn to give them a safety margin and some optionality in case another attractive opportunity comes along.. They have made it clear they are not going after the Anglo mines. Until they are back to a significant cash position I do not expect to see much in the way of dividend increases.