Unless PRC expands to another coal prospect, it is really only a one mine company. So after it pays off all of its debt, well then I would expect the dividend payout would be very high as there would be no need to retain any of their cash.
Also price of coal would be a main variable in this calc as would the NZ$ level at that point. Still, this could really turn into a huge dividend paying stock with franking credits for NZ holders.
a dividend policy, page-4
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