No nothing less than 1c will be acceptable, especially as there...

No nothing less than 1c will be acceptable, especially as there was no interim dividend. I think this window for high premiums on quality pellet grade product will be much longer than just the current winter months in China as there is a drive to cut pollution levels permanently at all plants there or they get closed down.
Vale restarting three pellet plants this year will only add around 10mil tonnes to production, which is a paltry amount when you consider the tonnes of iron ore currently produced by BHP, Rio, FMG and Vale and the largest of those three pellet plants producing 7mil tonnes is not expected to come online until mid-2018 at the earliest.
Again I hark back to FY11 when they paid 5c in dividends when Shagang had the same shareholding and the number of shares on issue was the same as today so I'm willing to believe that can happen again - even maybe from FY18 profits that could be substantial as I believe they're in a sweet spot at the moment as far as mining, pellet production and pricing are concerned.
Maybe I'm living in a fool's paradise and I certainly don't have the same long term experience in this stock as you do so must respect your views.