I'd be very happy to receive a fully franked 3c. The board can...

I'd be very happy to receive a fully franked 3c. The board can use whatever adjective they like to describe it.

Re Sustainability: Based on the current copper price, reserves, tax losses and franking credits HGO should have enough surplus cash to pay a fully franked 6c per annum for the next three years whilst leaving cash to prove up reserves and fund the low cost expansion that will deliver higher grade ores.

Its worth noting that when mining stops production drops from 27Kt to 12 Kt to 2.5KT thats whats supporting a continuing 6c

If management aren't blowing wind then mining should continue without a stop and the cash flows in 2019 and 2020 should be much higher than will emerge from those low grade stockpiles.

When we know the composition of the final reserves that they prove and the forecast ASIC and cap ex we will better know what is sustainable.

"The Board is absolutely focussed on delivering the best result for the company and shareholders, and as such will be rigorously assessing these opportunities against the base case of returning cash back to shareholders."

Looks to me like 6c fully franked a year for three years or better.