GRR has certainly been consistent with significant capex...

GRR has certainly been consistent with significant capex programs over the last four half-year periods. The potential block cave mining and decline tunnel need EPA and mining approvals once final feasibility reports are completed in 6-9 months. The Port Latta 5th furnace upgrade work to be completed is another key driver toward GRR's increased annual pellet production coming on stream within the next 12 months. The increase in pellet manufacturing capacity should support increased sales and annual export tonnage capacity that may deliver increased supply of niche high quality magnetite pellets into the Chinese super-mills for future steel infrastructure projects across the world and funded by already announced USD 10 trillion in Covid stimulus.

Positive to note that GRR's concentrate production since 1 July 2019 has been solid and averaged greater than 600kmt per quarter over these past 4 quarterly periods.

I also note Barron's NY assess GRR's rolling 12 month financial result for the period to 30 June 2020 have Revenue A$450m, NPAT A$120m and NPBT A$135m and EBITDA A$208m. GRR's present Market Capital is circa 1.6x EBITDA .

Encouraging to hear the GRR ROC jv may not continue. Sales campaigns underway for the Brookville Crs project land to be sold plus the remaining 6 completed Carter-Toorak apartments yet to be contracted and settled. Half Year report stated that 2 of the Carter Toorak apartments were sold and settled post the 30 June 2020 balance date. The conversion of the jv real estate assets to cash over the next 4-9 months should deliver in excess of A$20m.

I am optimistic that GRR board with A$36m in franking credits as at 30 June 2020 plus future profits increasing this war chest and available for any near term capital and dividend management initiatives increased Full Year dividend (Feb 2021) and even a potential "special dividend" payment in March 2021.