Gents - it is in Chairman's interest to pay a dividend in FY19...

Gents - it is in Chairman's interest to pay a dividend in FY19 from Tancoal and then for IEC to pay a dividend. Firstly Graeme learnt the importance of paying dividends when he ran New Hope and also PT Adaro (both companies were part of the Washington Soul Patt company). He was also a director of Soul Patts. He also knows how important it is to pay a dividend to his minority shareholder in Tancoal, National Development Corp. Next year is a Presidential Election and for security of tenure Graeme will wish to ensure Tancoal is secure and to have a strong relationship with the President of Tanzania as he will be returned to power for another 4 years.

If they achieve NPAT of $5-6m+ (highly possible) IEC can afford to pay a 0.5c dividend. In doing so this significantly re-rates IEC SP (at least 4-5x current SP) and Graeme will understand how important that is as for capital management flexibility and attracting institutional mining funds to IEC.