Grange's Iron ore pellets at A$427/tonne, page-130

Looking at the past beyond the current year is rather pointless. What is the point of talking about a past P/E when its not relevant today, its like comparing an iron ore pellet price 12 months ago to the iron ore pellet price today.

Looking at facts in a simplistic way by just comparing the extra amount paid in 2H2020 vs. 1H2021

Shipping for last 2H 2020 total shipments was 1,186,000 tonnes
Shipping for 1H 2021 was a total of 1,189,000 tonnes ( using miningnut's 2Q 2021 figures)

Average pellet price for 2H 2020 was US$154.96/tonne
Average pellet price for 1H 2021 is US$268.82/tonne

Comparing these prices without deductions for freight etc as these costs remain the same. Its only taxation that needs to be taken into account.
2H2020 1,186,000 x US$154.96/t = US$183,782,560
1H 2021 1,189,000 x US$268.82/t = US$319,626,980 an increase/difference of US$136 million or AUD$176.5 million

The cost of production remains much the same, the management costs remain similar.
Even if we just look at the increase /difference of AUD$176.5 million less 30% tax = $123.5 million
Even with a miserable 25% payout this equates to an extra 3c dividend on top of the previous 2c dividend.

If you think GRR made a lot of money last half year ( 1H 2021) , then this new half year is starting off even better by another US$100/tonne more.

So who cares what the P/E was in the past, we're now in a period of history where iron ore pellets reign supreme and will continue into the future as China and other countries tackle pollution.