and I've added to my shares recently purchased at 19, and change. The dividend is now a whopping 7.8% with a pay out ratio of 32% (a pretty small part of profits). This must of just happened (high divi payout). I have added this morning at 13.90, and look to add more with this correction, caused by Greece. Greece has the same GDP as Philadelphia. Actually Philly's GDP is slightly higher than Greece. South America is the place to be as Brazil will host the World Cup, and Olympics in 2015/2016. I can wait for share price appreciation while collecting a 7.8% divi for one hell of a long time.
I couldn't agree more with you, I added 3,100 more yesterday at 14.75 (should have waited for today, but what can I do now) now I'm up to 15,000 shares and with their dividend I feel safe. I just hope we can get to the 20's before their mining IPO and 60's by 2015. Its a solid company, a solid country and they just need the markets to stabilize so that they can continue their uptrend.
They are planning to do a IPO of their Casa de Piedra mine, which is one of their crow jewels as the quality and reserves of the iron mine are impecable. It putting a value on their mining operation just as they did last year with the sale of 40% of another of their mines. They are also contemplating the IPO for their logistics division but due to market conditions I don't think it will happen in 2010 (for that division). As for their Casa de Piedra it will unlock lots of value for the company and shareholders. I found the following article where the CEO talks about the potential IPO of Casa de Piedra.