Tend to agree.
It's a great dividend in itself but increasingly looking it could be a value trap.
Manganese prices dropped 18% last week alone ($3.30 to $2.70). Another drop of the same magnitude and the company is then producing at or below cost.
Even basic earnings per share for the half were 3.5c yet dividends paid are 4c. That earnings per share is coming from a period where manganese prices were mostly above $4 (good margin). How will earnings per share and dividends be when margins are much lower?
Ann: Dividend/Distribution - JMS, page-8
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