Grange's Iron ore pellets at A$427/tonne, page-193

You have a very distorted memory of the facts. When the iron ore price slid years ago FMG was $3, BHP was $14 and RIO was under $50 and yes Grange was 11c. Nobody understood iron ore pellets.
Times have changed and with environmental concerns in China then high grade iron ore especially pellets are desirable and have now reached the highest price in history. The margin between pellets and lower grades is now the highest price ever.
The market is now starting to realise this.

"It was about 16c not much more than a year ago. Again; no-one wanted it."

Many investors panicked and sold whilst others like myself bought a stack more at 15.5c. Thats the difference between a poor quality investor and a shrewd investor.

"Because we all know that, at the first sign of a decrease in cash flow, those in charge will declare a lower dividend to be the order of the day."

What else do you expect? You can't expect a dividend if a company doesn't make money.
At this stage you don't have a clue as to how much will be paid in dividends now that Grange is reaping in the money.
Make your judgement when the dividend is declared in late August, if its poor then complain to management.
Whinging on HC is pointless, contact Grange management if you're not happy. Thats what I do.
You may not remember but the first dividend paid by Grange was when Russell Clark was CEO. The dividends started due to the insistence of a few shareholders behind the scenes, this was key to the company starting to pay dividends as well as the fact that the company had paid down debt and was making good profits.