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Splurging on your own shares when cash is awash

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though, especially relevant to the mining sector as the commodity cycle enters its high summer and cash is aplenty.

About a fifth of total votes cast at Sibanye-Stillwater’s annual general meeting last month were against its special resolution to buy back up to 20% of the firm’s stock. That was not enough to block the resolution but it does raise the question whether buy- backs are preferred.

Sibanye-Stillwater is making a mint from PGM production currently and said in its first quarter report in May that “future windfalls” were on the horizon. Whether it would go so far as to buy R36bn of its shares (20% of its R181bn market capitalisation) is unlikely.

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