Nice cheer boys. As olley correctly pointed out the company is...

Nice cheer boys.
As olley correctly pointed out the company is paying 2 cents per annum total dividend. Yes they could be paying 4 cents. But you do not account for the company's strategic plans. They plan to invest in underground development which will for sure reduce C1 cash costs and also participate meaningfully in Southdown project development. To do that they will need to contribute at least 150 million AUD in cash.

So paying 23 million in dividends annually sounds like a better value adding plan than paying a whole lot more and just give away Southdown. The conventional view is that the Chinese running the board are not shareholder friendly and blah blah blah.

Chinese are long-term thinkers as opposed to the short-sighed western people (btw I am European). India is the largest democracy in the world governed in a British manner as it is a commonwealth member. India has similar demographics to China. Over the past 20 years Chinese GDP is up 15 fold. India less than 1/3rd.
Where would you rather live? In booming Shanghai with excellent infrastructure or in the dirty and unhealthy streets of Mumbai?

Instead of being short-sighted why don't you appreciate the beautiful state the company is in currently, a product of excellent management.

And 1 more thing. Asset backing per share is not 38 cents , its more like 58 cents. That's because the company wrote down the carrying value of Savage river 2 years ago when it assumed IO Pellet prices of 70 AUD - indefinitely. If they were to revalue it, they would add at least 300 million on Assets in "Mine Properties"

GLTAH