Ann: Appendix 4D and December 2022 Half Year Financial Statements, page-10

mmmm not sure on 50c. That would be ridiculously low yields. A PE ratio of 3 (which seems to be the standard of the coal mines) would give TER a value of about what its on now. That's doing $200m a year in profit (and that's at current coal prices of $200USD and exchange of 68c). Not sure how much you were expecting the payout to be, but 7.5c FF for a QUARTER! is awesome. They've paid out 27.5c in dividends in the last 9 months. Yes, they wont continue to be that high unless coal prices rocket up again, but even 7.5c a half is huge.