Here are a few comments for your consideration:a)Yes, according...

Here are a few comments for your consideration:

a)Yes, according to the company policy the payout ratio is between 50% and 80%, so the maximum "error" in the payment can be 8/5=1.6

b)In reality for the past several years since FY19 the payout ratio has not been below 70%, so the above mentioned error is reduced to 8/7=1.14 or only 14%only.

c)Now we will take into a consideration an error made by PilbaraBoy with a statement of “FMG receive approx 85-90%”. As per the information from http://www.custeel.com/en/csi.jspwe have that the average 62% Fe fines IOP since 1 January 2022 has been ~US$142.

A full production cost in the past was ~US$41. So based on the 70% (from recent company reports) and 90% (from PilbaraBoy post) rates we have the following figures for the profit:

70% => US$99.4-US$41=US$58.4

90% => US$127.8-US$41=US$86.7

86.7/58.4>1.48 or over 48% error

So in summary as you can see an error in the rate for the IOP for 62% Fe is significantly larger that an error in the realistic payout ratio.