Grange's Iron ore pellets at A$427/tonne, page-72

I won't agree with you on the dividend front Steven.

4 cents is quite a modest dividend - maybe $50mil. That level would indicate that GRR's cash balance would continue to grow quite dramatically as profit margins are stupendous at the moment.

GRR is a company and is still owned by shareholders - as such, they deserve a fair return on their investment. When that can be achieved and still increase the financial health of the company itself, then we achieve a good balance.

Before these record IO prices, GRR was still increasing its cash balances - $50 reward to share holders (4 cent dividend) reflecting these good times will allow Grange to increase cash reserves by over $150mil every six months until prices inevitably normalise at a lower level.

No reason at all why the two goals of increasing cash reserves and fairly awarding shareholders in a company they own can't be achieved.