I think dividends are a bit more important than pyschology, they get the value of franking credits out of the company (pretty material), attract an important class of investor, and demonstrate financial discipline.
But we are in violent agreement that the cash pile is not a problem, it's there because the company is very profitable, and persoanlly I would be happy to see them spend that on Tin projects generally (subject ofcourse to project specific considerations). To be fair to management I think they have implied that they're holding money for Greentech, Rentails and (less so) First Tin. Brett also said (in an interview or earnings call - I don't recall which) that they would reconsider dividends when they had franking credits, which presumably will be soon (franking credits that is not necessarily dividends). But they should also have a good dividend policy, I confess I haven't checked they might actually have one.
MLX Price at posting:
51.0¢ Sentiment: Buy Disclosure: Held
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