One more thing. I'd like to see them use cashflow to expand operationally (e.g. buy new mines). I think they're competent to grow. What I don't want to see is a dividend. I'd see that as the main investors wanting to make a quick buck, at the expense of the company's long term prospects (as they are high cost).
Interesting to hear they are thinking of adding more mines. This seems to be a fairly standard strategy in the industry. The aim is to obtain a re-rating in the share price, driven by the much lower operational and revenue risk inherent to a company with multiple mines. Especially since Atalaya's current mine is high-opex. Greenfield mines tend to be low-opex. I hope this sheds some light on the issue. The caviat is always: 1) will they buy at a reasonable price and 2) are they technically competent enough to turn this into a solid second mine? 1) is critical but I think we might be okay as long as we have Trafigura etc. overseeing the process. 2) Here I have to say that I'm extremely, extremely pleased with the current management (Lavandeira).