Grange's Iron ore pellets at A$427/tonne, page-49

it's a fun thought but I would not vote for someone proposing a 40c dividend. The company needs to keep the cash balance above 200m in my opinion plus keep cash aside for specific projects like the block cave which I understand is about 80m. Leaving about 100m or roughly 10 cents a share available.
Plus it only makes sense to pay dividends to the extent they have available franking credits.
Nobody here likes the Chinese shareholders much by the sound of it but I actually don't mind them because they bring a stabilising and conservative influence.
However I agree that paying out franked dividends for cash above 200m is a good idea and I agree with the posters who say that the board should communicate their thinking better.
To date the comms from the board are to pay out up to 25 percent of fcf. That makes no sense when the cash balance gets this high. The board needs to communicate its intentions.