Unpopular opinion: I prefer FMG to retain more of its earnings (rather than a high payout ratio) for the next few years to invest more in R&D on making its steel-making more efficient, cost effective - and also on its steel decarbonisation.
I think we can also increase the current 10% of FMG profits to FFI to increase their speed and scale. Although the last I read, FFI did not use up anywhere near their allocated funds.
If we're aiming to be a global leader in this area, I think the appropriate (high) level of funding, research, and expansion (scale) needs to be invested.
Iron ore price, page-41677
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