My view....a 0 dividend would be fine (like CIA), a high dividend would be fine (like FMG) or a moderate dividend would be fine. Anything would be fine that fits the strategy. The issue is that the board needs to communicate the strategy. Building cash for southdown is fine if that is the strategy but it needs to be communicated. Simply building cash for no stated reason is the only time I get worried.
Grange's Iron ore pellets at A$427/tonne, page-73
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