I’m starting to think being capitally prudent would be the right...

I’m starting to think being capitally prudent would be the right move now. There are a lot of unknowns in the short term so even if they pay as low as 50% of their earnings (say US$ 2.3B x 50%), that would still give a dividend of US$1.15B, which is about A$1.7B or $0.55 per share. The lower AUD now will work in our favour so they can decrease the div payout a bit but we will still get the benefit of the lower AUD.

The div ratio can be increased in the next half year. In the mean time keep ploughing available funds into the two company changing capex projects. It will almost be assured to be setup for the next generation if it can be conservative now.

Mind you $0.55 is about $0.78 pre tax, which works out to be a 13.6% yield on a full year basis. I did read an article that suggested $0.90 perhaps. I don’t think the dividend will be anywhere near it. Anyway, that’s what I’m thinking.