I agree with the call to retain more earnings. The high payout...

I agree with the call to retain more earnings. The high payout ratio made sense from the perspective of being a miner since you are mining a depleting resource so the shareholders have to be compensated for the unclear future. As they build a division that is renewably producing ammonia and hydrogen, I'd like to see the company change that mindset. Retain more earnings and go after a larger flywheel while its the first mover. This would also encourage more international investment as it would avoid leaching tax payments to their governments via the dividend each year.
In saying that, I can't fault their speed and aggression with the transformation so far. Just my opinion that while the company goes through a massive growth phase its worth retaining more. I would be a fan of all for 2-3 years, I.e. no divvy but understand that wouldn't be popular with some investors. I believe FMG could be Australia's first trillion dollar company if they continue reaching.