They probably know that every share they buy now in their own company is worth XXX amount in 2025. By the time Ashburton and Halls are ready to rock they will have a steady royalty flow from Mineral Resources, they wont need to go back out to market. The JV's are a bonus round and hell knows what will happen with the whacky Iron Play at Equinox they have a free ride on.
Cazaly 2022, page-33
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