Woodside warmth won't heat mining stocks

Woodside's special dividend was possible because of its balance sheet particulars but should not be seen as an omen that the likes of BHP Billiton and Rio Tinto will start handing out cash.

There’s been a bit of premature celebration in the wake of the $520 million special dividend and higher payout ratio that Woodside Petroleum announced this week by those anxious to see its capital management program as a tipping point in the struggle for cash between resource companies and their shareholders.

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