Iron ore miner Fortescue Metals Group has stunned the market with a surprise special dividend of 60 cents per share, rewarding its shareholders with a massive $1.85 billion in payments next month.
In a statement to the ASX, Fortescue said a "key driver" of the bumper dividend was the significantly higher iron ore price since January. "This dividend reflects Fortescue's unwavering determination to deliver shareholder returns through dividends and investment in growth," said chief executive Elizabeth Gaines."The strength of our operating cash flows enables further accelerated distribution of franking credits to eligible shareholders, inclusive of the fiscal 2019 interim and special dividends totalling 30 cents per share.
Fortescue, which mines iron ore in the Pilbara region of Western Australia, said a number of factors had influenced the higher prices received for its ores. These included sustained strength in global iron ore prices, growth in the Chinese steelmaking industry with production up 9.9 per cent in the first quarter of 2019, and greater shipments of higher margin products.
Wonder how much ends up in the Caymans?
Guilty as sin. You actually can't buy absolution Twiggy.
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