While I agree that a share buyback is on the cards with the half...

While I agree that a share buyback is on the cards with the half year results, I see a 10% buyback or 310m shares. Anything bigger than this in a year needs to go to a vote of shareholders rather then just board approval.

If anyone can show me a current copper asset on the market that is earnings accretive, please let us all know. IMO, there are not many around, and those that are around are either fully priced, meaning that they are not earnings accretive or have significant risk associated with them.

I would be happy with a share buyback of 10%, and a small dividend, but the company keep the majority of the cash for when an opportunity comes up. That could be a year or two away. I would prefer that rather than doing an acquisition to use up the cash. (We all know where that can lead to - don't we!!)

HT1