Ann: Dividend/Distribution - FEX, page-43

Agree.

There is a reasonable chance this is in for a crash on the ex date. Their hedge doesn't kick in till October so the margin currently being made is substantially lower. Even when the hedge kicks in, it covers 50% of their current output so depending on their breakeven and whether the iron ore price keeps falling I wouldn't be surprised if they potentially put projects on hold or curtail the other 50% of their output to preserve capital. If either of these thing eventuate then fairly certain this might be the last dividend for awhile.

When the cycle turns it always eats away at the highest cost producers first.