Iron Ore Price, page-2684

Andy you wrote :

"at $48 once you lop off quality and moisture they aren't making much. September quarter may turn out to be a 'last stand' of sorts.

If strip ratios normalise without a recovery in IO price, that debt ain't going anywhere imo"

If Flip61 hadn't already posted saying you were wrong ("once you lop off quality and moisture") I would have. All the forecasts and figures I've seen by FMG since watching FMG on hotcopper and since you answered my very first question "how do I... etc" (thank you) have included some adjustments for quality and moisture. The 39 definately does. So flips 48 - 39 equals 9 cash per ton is pretty close to correct (subject to currency moves and slight variations in realized prices etc) and is not bullocks.

You made an interesting point about the shipping cost in the annual report not matching the shipping cost in the reference slide 12 flip61 linked too. But you prefaced your comment by calling the whole link BS, hardly encouraging intelligent discussion. Sometimes you do get a bit of rougher treatment (I don't care if you short or not - but incorrect statements from non-holders requiring correction put work on other people to counter-spin) but you do also throw it around a bit yourself.

Regarding the shipping in the annual report (your $7) vs the figure in the investment preso flip61 linked to ($5) - I still don't see how it can be $5 and not higher (you still have my interest). Its an interesting small detail. But it is just a small detail. I'm not going to make unravelling that small mystery into a mountain when it is a molehill.

That expectation from non-holders that the discovery of some small anomoly should completely reverse the view of holders is, I suspect, what incites the negative response non-holders sometimes get from holders.