Since management hasn't come out and said "buying UMJ shares is part of our strategy" then one has to guess at what management is trying to say. From what I get out of these moves is that management is trying to say "we tried building a mine but failed so instead we are now going to try and buy one". Holding shares in a company doesn't show up on the ISM balance sheet. All that ISM gains is that they are an equity holder.

v.