Sierra Gorda copper mine, page-103

Div payout of USD4.9cps was only 33% of underlying EPS of USD14.9cps , thus a little less than 40% average payout ratio expected per policy to be sure. However it was the interim, not the final, and S32 may bring it up to an overall 40% for the year when final is declared early in 3QCY23. Also S32 seems to reserve the payment of special divs above that 40% to after FY result is known (ie for final).Only USD$50M was added to buyback, less than we might expect.However commodity prices received were low in that half (H1FY23) and there is global economic uncertainty, so S32 Board may be being prudent.Another reason that they may have been holding onto cash is that the Taylor Deposit (Hermosa) FID is expected to be mid calendar year 2023. With lenders around the world feeling uncertain, on top of modest economic growth and non-spectacular metal prices, I expect S32 would be wise to retain as much financial firepower as possible within its own control so that it can make optimal investment decisions without being overly beholden to lenders.