I'd rather see a share buyback than a dividend if there is genuine FCF left over. The Mac transaction showed how undervalued CTP is by finally giving us a tangible market metric, even with the recent price rise we're still dirt cheap.
But I'd still rather we use any excess cash to help fund exploration. We're not getting a multi from the current operations, we need exploration success.
I'd rather see a share buyback than a dividend if there is...
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