It's obvious that a large amount of shareholder's funds is going...

It's obvious that a large amount of shareholder's funds is going to capital expenditure. It was $26.3 m last year ( incl mining equipment ) and is budgeted at $ 18 m this year . In this qtr about $ 6m has been spent on capex and another $ 4m on mining equipment.. The company has been well managed and one would hope that this money will lead to much greater productivity but surely at some stage enough is enough ! I have no problem with the exploration expenditure of $ 10m as it is producing results but a company must increase cash flow in order to give a return to shareholders either in increasing dividends or capital gains - the former will lead to the latter anyhow . At present we are not increasing cash flow and unless the Ni price increases we won't. I had a target of $14,700 give or take a bit on the Ni price and I didn't think it would hit it but it has ! MCR rec'd an av. of $A 18599 for the last qtr . The price is now around $A 17800 so we need an increase in the Ni price , which I think will happen but who knows, or a reduction in costs to give us positive cash flows I hope both will happen !