"Unfortunately, if it is necessary then everyone will recognise...

"Unfortunately, if it is necessary then everyone will recognise that and the share price will fall considerably from where it is now!!"

Nonsense!
What retaining vast amounts of cash demonstrate is prudent management who understand the cyclical nature of the sector it operates in. Management has demonstrated incredible discipline and commercial acumen in anticipating the current pullback in prices and is now in a position where it can take advantage of opportunistic inorganic m&a opportunities or retain a buffer until the inevitable price correction is exhausted. Management should be rewarded by the market for not getting ahead of its skis such as Rio did with Alcan at the top of the cycle. Two words come to mind in relation to vast cash retention: Berkshire Hathaway.
GLTAH