Half that $160 mm you note is equipment lease facilities. The...

Half that $160 mm you note is equipment lease facilities. The balance sheet is very healthy, much healthier than a huge number of dividend paying stocks.

Most importantly though is that the dividend is paid from cash flow, not from the balance sheet, basically from the EBITDA. Even with a big chunk taken from the guidance for this of over 300 mm with the drop in poc and pog their should in my opinion on current prices be plenty left after tax to simultaneously grow the net cash, continue all committed capex and pay the modest dividend (about $40 mm for the past year).

I'd want to see all sustaining capex paid for from cash flow before paying dividends, but would have no problem to see some growth capex come from increase in debt levels.

I"ll stand corrected if someone has the numbers to show that there is not enough cash flow, excessive debt, or insufficient retained profits from which to continue paying dividends - based on current pog, poc and capex commitments.

EL