Prosperity Minerals (AIM: PMHL), the cement manufacturing and iron ore trading group operating in the People's Republic of China, announced that it had received approval to pay a cash dividend of approximately 6.52 pence per share.
Prosperity's story began in 1992 when David Wong, the chairman and chief executive, started up a business trading iron ore.
This now supplies around 3.5 million tonnes a year to companies in China, primarily large steel manufacturers. China is the largest importer of iron ore in the world and currently imports of over 300 million tonnes. This total is expected to grow to over 500 million by 2014.
Prosperity is estimated to make a profit margin in the region of $7 per tonne of iron ore and it's recently been able to reduce its freight costs by sourcing more material from Thailand.