"In these abnormal times, we need a different strategy."

I understand the point, but see things a bit differently.  Like it or not most if not all Precious Metal Miners are in the penalty box. The momo traders are out of the PM market at the moment. A small number of major players are smacking down gold at every turn (some say with Government help or at least tacit approval - perhaps with a view to covering up their evil printing ways). Until gold breaks out on it's next run (say above above $ 1800) we are locked in to a range (in EDV's case $ 1.90 - $ 2.50). Like it or not.  Hate to say it, but I still do not discount the possibility of one more ala 2009 market correction which will make gold and small cap miners even more of a bargain temporarily.  Cash will be king in that event so investors and EDV for that matter shoudl alsways keep some powder dry.

IMO, there is precious little Mgt can do to change the macro game. I too like the fact that EDV is slowly but surely proving that they can run multiple mines and improve production over time (not a small feat). A dividend smacks a little of desperation tactics to me. Dividend payouts and share-buy-backs would suggest that mgt has run out of growth producing ROI projects.  Let's make sure the mines are all producing to full capacity before we re-direct cashflows.  Also - no guaranttee that there will not be "hitches" along the way - that might burn thru more cash than expected.

No I would much prefer that mgt, instead of paying out cash that has a identifiable, and potential internal use, focus on things it can control such as:

- doing everything in its power to drive down mine operating costs (a valid knock against the industry as a whole - who have generally let costs get out of hand versus 10 years ago, when the necessitiy of a low gold price dictated otherwise)

- spend time negotiating with African officials to make sure that royalties are capped to a reasoanble amount

- generally executing well, and making accretive, risk diversifying acquisitions (something that EDV seems to being doing relatively well)


Then, when the macro picture for gold, and the POG specifically, improves,  EDV will be the first to attract the new momo trade investors looking for growth (not dividends).