Pellet Price, page-151

I have read their commentary on capex, but very high level and no numbers on remaining capex requirements. I agree with you disclosure is the minimum (hence my question about the intentions of the major shareholder).

My expectation is that future capex will be low and at current pellet prices Grange will be printing cash which will be apparent for everyone to see over the coming quarters as it will not be consumed by the tailings facility, P&E and stripping - let's hope so anyway.

I doubt reported earnings would be the constraint on the size of the dividend. Remember retained profits is only low because of the impairment taken in 2015 which makes no sense today. Also they could always do a capital return (over $330m of contributed equity).

Directors have paid decent dividends in the past - hopefully we will receive a minimum of 2c for this half which should make potential new investors notice how undervalued Grange is at the current share price.

Just my opinion
Monty