I think you are not looking at it right. As an interim they have...

I think you are not looking at it right.

As an interim they have never paid more than 40 per cent of eps. Their guidance is still 50-80 per cent of full year eps.

So they will load it back half.

A resource company bottom line doesn’t rely on yield for a floor. It’s about global growth underlying commodity/s strength and eps/cashflow.

They still made almost 1b in a Half where they were only getting 66 per cent of 62 per cent platts vs 85 -90 per cent historically

The second half and year ahead is forward looking and the market will focus on that not a 3c miss on dividend expectations of the analyst consensus (even though you were 11c above consensus - more than the eps for the half)

They will refinance all debt at 5 per cent or below and with 25 per cent net gearing it’s not the end of the world.