So, here we are with just 2 more weeks left in this March Quarter.
Despite recent hysterical media commentary, the Iron Ore price is currently sitting at a very healthy USD$166.30 a tonne !!!!
I am very comfortable re-iterating my forecast of AUD$2.00 a share for the Full-Year dividend. Here are my calculations:FMG6 months production: 90 million tonnes
Averageprice received: Say USD$145 a tonne
FMG'All in' cost: USD$45 a tonne (incl. C1, interest, depreciation)
Net Profit: USD$9.0 BILLION
AUD/USDExchange Rate: $0.775c
AUD Half-year Interim Profit: AUD$11.613 Billion
AUDTax Paid (@30%): AUD$3.484 Billion
NetProfit available (for Interim Dividend distribution): AUD$8.129 Billion
InterimDividend @ 76% payout ratio (i.e 76% of $8.129 Billion) = AUD$6.178 Billion … or$2.00 a share
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