I have just spoken to management and it was explained to me that...

I have just spoken to management and it was explained to me that whilst the board would of liked to pay out a bigger dividend, they deemed it more prudent to retain capital as two large potential investments will be decided on in the near future i.e. Savage River underground and Southdown at 5mtpa.

That would suggest that a decision on 1 or both will be made between now and then of 2021.

I asked why this was not conveyed in today's announcement, and the response was the board would rather report on actual outcomes of deliverables.

We all need to remember the money has not left their account and is still attributable to all shareholders, we need a little bit more patient.
Grange is in a fantastic position in both earnings and retained capital, I would rather have the money with them to re-invest at 1 to both locations than having to borrow the money and have a larger potential debt to develop them.

If these 2 projects are deemed un-worthy then they will return more capital to shareholders.

But I am thinking that at least one of them is likely a goer and an announcement should be due between now and the end of 2021, that's within the next 4 months, and it that time they should of made in excess of circa $250 million EBIT for the second half.

I am more than happy to sit on my hands and give them the time they need to bring their plans to fruition.