dividend, page-19

BCI's changed status from explorer to producer relieved it of the quartely need to publish a cash flow in Jan for the Dec quarter. It did note in its activities report that the operating cash flow for that quarter was $88.6M. This combined with $77.483M from the Sept quarter gave a first half operating cash flow of $166.083M.

So: $166M x 30% tax = $49.8 (166-49.8 = 116.2)
: $116.2-cap ex($10M)=$106.2M x 0.6 payout ratio=$63.72M
: $63.72M / 124M shares = 51.3cps

If they do this next half it would be a full year payout of $1 approx which puts in on a yield of 18.6%, fully franked at $5.35.

Marcus Padley would say something is wrong then...too good to be true. It remains a play on the IO price and the $A.

I am sure we will have satisfactory management performance.

I remain confident, especially of the $A falling which is a cruciual part of the equation.

Good luck to all for the half yearly's.