Your guess about the size of the dividend would be as good as...

Your guess about the size of the dividend would be as good as anyoneelse's guess.

What we know is that the cash available to pay it is substantial. even if the PHES is not a goer.

Adjusting the nett cash flow emerging from the giant pit from the valuations NPV of 15.54 cents by taking out the discounting and keeping the plant and equipment its still 14.4 cents.

The first half sales and the forward hedging add $20m i.e. 3.5 cents a share to that and there is still another 21,000 tonnes which could easily double that.

Going underground to "the main prize" at the bottom of the pit is a low capital cost exercise using the haul road to get down 350 m.

If the PHES goes ahead the capital cost of getting down to "the main prize" will obviously come from the consideration for the PHES.

So on my reckoning, the lions share of the circa 20 cents plus cash flow, will be available for fully franked dividends. 

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