Cotton & Western Mining Inc. (CWRN)

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Thats up to CWRN's investor(s)since they are 3 m under budget,but if CWRN pays off the equipment and Bobs 1.8 M loan(apparently outstanding since 2006),that will take most of the profit from the first two 35000dmt shipments.
That's why Bullitt indicated buyback wouldn't begin until mid-Feb-which at the time of that posting would have been ca the 3rd shipment.

In the larger scheme of things,with an eventual production of 105,000dmt/month or more at a present spot of $184,that would be ca $230 million revenue/year or more($252 million at an expected spot average of $200 for the year).
And recently itmd mentioned two 75000dmt ships/month at full swing,which would be substantially more(331M at $184).

So that provides some perspective-the total revenue for 1st year will dwarf the buyback cost either way.
You are absolutely right though that if they presently had the funds it would make sense to buy back now and soft pedal any news-if they hadn't already promised one PR/month-and let the shorters have their way-which will bite the shorters in the end.