I think Grange likes flexibility and recognizes iron is very cyclical; I don't think we'll see them move on that 25% guidance.
But their cash pile will be get so ridiculously large this year, I think something will have to give. There is nothing preventing them from going above that 25%, but I expect they will want to be careful about setting expectations for future dividends.
They could issue a one-off special dividend or buy back shares. I don't think the buy back is a good idea, as price could easily double from here and then we'd be eligible for ASX300 inclusion so we don't want SOI too low.
They could also decide to go it alone on Southdown. Not sure I'm that excited by that idea.
Pellet Price, page-825
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