do the math, page-26

Dead knick,

I really doubt the 09 dividend yield in terms of an actual payout will be 20%. It will more likely be 3% to 5% - if anything. SRL has to conserve its cash to pay off its debts, to pay for any upcominc capital expenditures on new mines, etcetera, etcetera. I would expect them to use their cash to leverage in on other projects and cvompanies before handing it back during a credit crisis like this, with commodity prices dying all over the place.

Remember, if Macquaries is telling you to buy its because they've got themselves set and want to sell out.