Ann: Quarterly Activities Report, page-8

Pgrace,

I'm always against mining companies pay dividend. Commodity prices are cyclical unlike banks, Telstra, Westfield, toll roads. It is EXTREMELY important to conserve cash when commodity prices are BOOMING. You should always save up for raining days when business is booming.

If you add up all the dividend paid since 2001, if MCR did NOT pay dividend cash backing is about $1+. What is share price now? 13-14c? IMHO it is stupid to pay dividend.

BHP is even more dumber (want to borrow money, paying interest to pay dividends... to keep oldies holders happy). How stupid could BHP be? FMG is paying dividends as well despite massive debt problem and unprofitable business.

I used to be a MCR holder, got my capital gains and dividends... but won't support MCR now at current nickel prices.