Ann: BMX pre-auction bid, page-154

I don't disagree with your comment on first two paragraph, but for company to work on strategy as you talked in your first paragraph they need to have strategy and it needs to be publicly available under title "Capital Management" or similar for market to know what will company do to their extra cash in my opinion.

Billions and billions are invested by Superfunds in Australian share market for their customer and they need franking as much as those thousands of small or big retail investors who invest in ASX... and majority if not all investor in Australia due to tax reason prefer FF dividend (that being said unfranked is also welcomed until franking is built-up) .... In my opinion.

You also need to consider that mining as an industry carry a risk, now that risk increase when it is concentrated with one commodity in my opinion and i know majority of mining company are like that in Australia apart from RIO & BHP and probably MIN now that I can see has diversified business but even they also provide dividend because that is the nature of investor they are dealing with in Australia in my opinion... !