Grange's Iron ore pellets at A$427/tonne, page-116

Thanks Goodheart for the considered response. My point is that 1.09b revenue does not translate to 810m profit. You need to deduct deprection & amortisation of ca 52m and then knock off another 30% off 758m for tax as the company does not have unrecognised tax losses anymore, leaving a net profit of 531m . Last year's payout was 11% of net, so following your logic it would be 58m which is 5c for the year and 2.5c for a half year. There's a lot of talk on the forum about 3c and 4c and 5c to be announced soon (for the half-year) and I am concerned that there is a risk of unrealistic expectations putting an unnecessary dampener on the company's extraordinary first half performance. The 2020 final div was doubled to 2c and I personally expect the H1 2021 to also double to 2c bringing the annual dividend rate to 4c. Anything more than 2c for H1 is of course very affordable and welcome but a doubling is a doubling and the full year results would be a more orthodox stage for the company to reflect on cash versus capex needs.