Hi,I think you are mixing up the return on investment (ROI...

Hi,

I think you are mixing up the return on investment (ROI http://www.investopedia.com/terms/r/returnoninvestment.asp#axzz1idDj0NGX) and the dividend; it's not the same. Say i do have those two mines you mentioned and mine 1 (with 10yr minelife) cost me 100mln to develop and mine and pays me 200 mln. Now when the minelife is expired, the mine operation payed for itself and you got an 100mln profit. Now you can do 2 things; 1) pay the profit to the sharholders throug dividend spread throughout those 10years, or 2) you can start to reinvest the profit to increase your overall ounces mine per year and let your company grow. That way should increase your shareprice by MORE then every dollar of profit they put in.

And in my humble opinion that is what IGR is doing, so investing the money into the company is a good thing.

I do get your point about paying out some dividned to give something to the sharholders; last year wasn't good regarding the shareprice. Paying out dividend could boost the sharprice on the shortrun, but it can delay the company also on their ambition to grow into a mature gold producer. Also note that overall the miners didnt had a good year.

cheers