I don't believe that there is any longer a profit test on paying...

I don't believe that there is any longer a profit test on paying dividends. I think the 2010 amendment to the relevant section requires a company  to look closely at their solvency to see if paying a dividend out of capital was possible.

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in 2010 the section was rewritten to require that a company not pay a dividend unless to do so would leave the company an excess of assets over liabilities, would not materially prejudice the company’s ability to pay its creditors and would be fair and reasonable to the company’s shareholders as a whole. The relevant explanatory memorandum said plainly that the amendment was designed to repeal and replace the profits test.

If they have spare cash I think they can pay a franked dividend.

Whether the cash will be available to pay out all the credits before Shifty Shorten can get his hands on them is a bit doubtful.  The expert valuation and the subsequent rise in copper price would indicate the cash would be there but given the unquantified mining cost overrun and production delay caused by the bearing failure it may be doubtful.

I can't see the rights issue to pay a dividend getting up unfortunately. Forward selling a bunch of copper may have legs. The prime mover for any such arrangement would be ARA and they wouldn't have an issue with the Shorten problem.