Mixed reactions detract from success of doubled dividends
BURGEONING Pilbara-based iron ore miner BC Iron has released the results of a successful year; doubling its final dividends and increasing production at its flagship Nullagine joint venture with Fortescue Metals Group. Despite rumours of an imminent drop in the iron ore price, BC Iron announced a 41 per cent increase in its underlying net profit for the 2012 to 2013 financial year; recording a net profit of $71.4 million, up from $50.6 million the previous year. The company passed on the funding directly to its shareholders, who received a substantial 30 per cent share dividend, fully franked. In the wake of the announcement, former major shareholder Consolidated Minerals sold its 28,522,712 ordinary shares to a range of institutional investors...