Ann: OZ Minerals 2021 Second Quarter Report Presentation, page-16

Imho the dividend will go up for several reasons:
* AC seems to believe in a payout ratio from profits - can’t recall specifically what/when he said it
* Profit has gone up a lot with the poc and going to two mines, so at fixed payout ratio dividend should go up.
* Need for cash has reduced with Carapateena capex mostly done for now and cash rebuilding, therefore ratio could and should go up.
* The last dividend was quite an increase - demonstrating the above at work.

I expect an increase. Not sure why you would instead do a buyback when you have franking credits and the sp isn’t exactly cheap. I don’t want a buyback, just like I don’t want to buy more shares directly at this price.

EL