Cost Per Tonne (NHC), page-16

You're right, 9% is a pretty good return, but my preference is that excess cash to the operational needs of the business be either returned to share holders by way of a buy back or franked dividend, or invested where the return exceeds the wacc of the institution or investor aggregate in an area where managment teams can apply their acumen. In this case, I'd personally NHC not act as a LIC, as their demonstrated area of expertise is in coal projects, and rhat is why I am invested with them. There are a few oppurtunities around at the moment that look compelling with long term price assumptions, ie. Olive Downs, Malabar, possibly Anglo's assests (particularly with Soul Patts backing) which could return 15 to 25% irr. That would also be in managment's wheelhouse