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If they can't think of a way to utilize their cash, then sure they might consider returning some of it.

Now that the shutdown is complete and they're sitting on ~$280-300m cash and making large profit every day they will definitely be thinking how to best use it.

Like their previous $360m bid for Revensthorpe, their CAPEX on a 6th autoclave or other similar options. There are other growth projects in progress but operating cash flow should cover them easily enough.

Maybe management want to keep $200m cash on hand in cash a suitable acquisition or growth opportuniy arises.

If the business was simply going to continue running they might return $200m, but if management are looking to expand which they probably are, then they could return $50-75m.

Or the low-cost acquisition of Mt Lucky tenements "will provide Murrin Murrin with a source of manganese mineralization which enhances the processing of nickel sulphide ore and nickel sulphide concentrate". Maybe they are looking to produce and mine their own inputs, decreasing nickel input costs.

My bet is on a small dividend of $40m (3.4c per share), and some big growth news in 2011. A $150m acquisition sounds about right.