RE: Dividend of 18p to be maintained?24 May 2025 10:08
To date, this year's interims are on a par with 2024, where a 9p dividend was paid on FCF of $30m, which was a 70% payout. They made clear during the call to discuss the acquisition that the FCF policy of 30-50% payout will now be carried out. A 4.5p interim dividend is a 35% FCF payout and would save them $10m for the 6 months period. The total cost for this mine looks about $500m(with a contingency sum added) so I expect a prudent future dividend policy during the mine build, where the payout will be right on the 30% limit.