I think people shold be cautious complaining too much about the relatively low dividend paid by Semafo. (low -- if you look at cash flow and cash balance). 

I, however, think there is a rather large possibility that we will soon se Semafo in some kind of acquisition in West Africa. I think this might be one of the reasons that Semafo 'hesitates' by paying out too much dividend - hoping for a cash only transaction.. 

That my speculation above is relevant is also (re)confirmed in the new presentation from december (slide 24): "Ongoing assessment of accretive acquisition opportunities . "