Current hedging is for lower tonnage amounts and at lower pricing than the hedging previously and it also ends in about 6 more months. Unless there is another hedging arrangement put in place by the time current one expires and at least figures achieved are maintained to existing then any production will be at full exposure to variations in IOP.
For a decent profit to allow anything close to 5c ff annual div, the IOP would need to increase substantially from current and/or production costs would need to reduce further as would shipping costs.
Perhaps annual div will be around half that was last time - 2.5c - not fantastic but at current sp not too shabby either. Anything above considered a nice bonus anything less will probably knock sp down somewhat. Perhaps FEX may pay a half to 1c interim div - or is that too much to ask for?? Suspect IOP needs to at least maintain US$110 DMT for all amounts unhedged for that to happen and for profit to be made as whilst there may be a reasonable cash buffer, any div is dependent on % profit levels and franking credits. Many expected an interim div last year - the absence of such sunk the sp somewhat - a repeat soon??
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