Ann: Grange Resources Limited Appendix 4E - 31 December 2021, page-70

from stock head

GRR’s +50-year-old ‘Savage River’ magnetite mine produces an ultra-high grade pellet concentrate which attracts well over benchmark prices from steelmakers.

While the Pilbara iron ore miners were seeing prices collapse and discounts rise in the December Quarter, Grange was humming its own tune.

Its realised prices increased from US$153.09/t ($206.80/t) in the September quarter to US$164.14/t ($226.71/t) in the December quarter.

Since the end of the financial year GRR has recommended the payment of a 10c per share final dividend of $115.7 million.

This represents a total of $254.6 million (22c per share) fully franked dividend for the year-end 31 December 2021.

GRR is looking at a 10-year underground mining option at Savage River and a second operation at ‘Southdown’ in southern WA and “will provide additional information on these two projects when studies are completed.”

The $1.1bn market cap company — currently at ~14-year highs —