Ann: Grange Resources Limited Appendix 4E - 31 December 2021, page-33

You are certainly right in looking for a reason for the apparent switch in dividend policy and the fact that the final dividend of 10c is being paid as an 'ordinary' dividend for the six months to 31Dec21 and not as a 'special' dividend indicates(to me) that they intend to keep paying these large dividends - we need to keep in mind that they're paying out 12c in 'ordinary' dividends out of profits for the 2021 financial year, so maybe it is reasonable to presume that we'll be getting half yearly fully franked dividends of 6c if profits in 2022 remain consistent with 2021.
Maybe another conspiracy theory is that Shagang wants to see the share price increase as they're looking to offload their shareholding but I wouldn't even subscribe to that theory as the current supply arrangement is still very beneficial to their cause.
They will always have enough franking credits to fully frank their dividends as they're now paying tax at the full rate of 30% on profits. Available franking credits at Dec21 amounted to $126.9mil and the payment of this final dividend will reduce the balance available by $49.6mil to $77.35mil.
It's also interesting to note that in 2021 Shagang only took 10 shipments of 80kt each(less overall pellet claims of 17k on these shipments) so totalling 783kt which is below their indicated yearly tonnage of one million tonnes - that's good for minority shareholders as we receive a higher price on non-Shagang shipments and there was only the normal stockpile of pellets at the end of the year.
It's a pity the BOD doesn't come out with their stated dividend policy but it's difficult seeing this happening as it really hasn't happened in the past - I think the rumoured 25% of FCF was just that and far from official as it wasn't in writing in an ASX announcement.