low copper assumptions with likely 50% payout ratio. RIO at this point will pay higher dividends due to lower net debt and low capex spend in the interim. BHP is spending more on growth - Jansen and copper. However in a few short years we will get a couple billion EBITDA from Jansen, a new commodity (new pillar).
If you want dividends, buy RIO. But the issue with RIO is lower margins, higher iron ore exposure and operates in higher risk jurisdictions. Also lower index weighting given most of its in the UK. If they ever unified the structure might find the distributions are no longer fully franked once Mongolian copper and African iron ore is fully operational. BHPs Australian iron ore assets are far superior at present, albeit less tonnage.
News: BHP BHP Group Posts FY Underlying Attributable Profit US$13.7 Bln, page-22
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