Only notes I would have is that if they where to actually pay close to the 25% I would already be much happier (would be 5 or 6c the upcoming dividend). Although totally agree that 40 to 50% is very achievable for the time being.
Also in terms of South Down if they use the current cash and any future cash for the coming year orso, it would go a long way towards funding their 40%. In that case they would add about 4mtpa to the existing 2.5mtpa at savage river. So this could be a genuine growth opportunity, albeit somewhat risky.
My thinking is they haven't been to serious in developing it. Seems hard to believe the most profitable and experienced magnetite miner in Australia that is all cashed up, can't find a partner for this project. That is unless the SD project isn't very good.
GRR Price at posting:
56.5¢ Sentiment: Hold Disclosure: Held
(20min delay)