RE:What to do with $200M in cashYou vote)The thing is, as much as I hate to say this since I don't trust Trevali management at all - A and B are both terrible uses of money.
Trevali does have debt, yes, but their cost of debt is actually quite low. I'm not investing in a mining company hoping that their annual ROI is 5%, I'm investing hoping it's 30%+.
So of those three choices I would go with "D - find financially sound capex areas to invest the money into"