10% yield - only IO Junior to pay dividend, page-53

JP Morgan are quick to mention the higher costs...but never mention  the higher price per tonne received. GRR are making good money prices today, yet JP Morgan fails to recognise this. Does their analyst have his head shoved up his @SS?

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0	Surprise Dividend From Grange Resources Catches J.P. Morgan's Eye -- Market Talk
1	02/03/2015  9:33AM
2	2233 GMT [Dow Jones] Grange Resources Ltd.'s (GRR.AU) declaration of a year-end dividend was certainly the highlight of its 2014 earnings report, says J.P. Morgan analyst Luke Nelson. Given the downturn in iron-ore prices and GRR's higher costs compared to other Australian producers, J.P. Morgan hadn't been expecting a payout from the miner. "Notwithstanding the subdued J.P. Morgan iron-ore price deck, we note the company's solid cash balance and propensity to return cash to shareholders; as such, we now forecast a A$0.01 final dividend over 2015 and 2016," Nelson says in a note. Still, he retains an Underweight rating and A$0.08 target. GRR last traded at A$0.105. ([email protected]; Twitter: @RhiannonHoyle)