I can't disagree with the technicalities you have provided, but that obviously does not change the value of the dividend to shareholders, which has to be measured after tax. It is obviously worth closer to 60c on average to local shareholders than it is to 85.7c grossed up. For most foreign shareholders it is worth less than 60c.
It is illogical to be telling anybody their div is worth 85.7c, without knowing that they are on a zero tax rate IMO. That just risks confusion!
Iron ore price, page-12623
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