Ann: GRR Quarterly Report for the 3 Months Ending, page-32

re: Ann: GRR Quarterly Report for the 3 Month... Analysts have a few valid cautions about GRR.
--Last qrtr ave price was below spot prices for pellets, so they need to develop their selling skills.
--Cash costs getting better, but still need to drop to about $90/tn in case IO prices fall (and they will eventually).
--Need to avoid yet another mine wall collapse (2 of them in 2 years!)
--Return to high grade ore was painfully slow.

As for use of cash, continue 1 cent/sh/HY (I.e., 2 cents/yr) dividend and build cash with remaining cash flow,which should far exceed div payout. Share buyback is used when there are no franking credits (eg, GRR), but only benefits s'holders when market pays attention to fundamentals (seems to ignore GRR's numbers).

Let's hope GRR further improves its productivity and achieves better pellet pricing (US $165 this week).