FMG / IO Outlook and News, page-509

Okay, I didn't think I did compare them.

But I like your confidence in graphing and all big pictures aspects relating to IO, so I'll give you a challenge. Which you can accept or not as you like.

The io price (actually any of the three of them) are summary prices. But the io market can be segmented into pellets and fines and lumps. FMG don't sell pellets or lumps. So maybe there are dynamics in the pellet and lumps segment of the market where competitors could be interesting to evaluate and compare and where competitors have had some opportunities - for instance when Samarco closed due to flooding a lot of pellet production got taken out. GRR, Grange Resources do a pellet. There is another Aussie startup proposing to do pellets.

"give me any other area that you would like to measure but keep it specific to IO and the previous 24 months."

Show me a graph or some analysis on the pellet production component of the io market for the last 24 months. Who is the cheapest, who is the largest producer to China etc - that would be of interest.

You see there is a possibility FMG could choose to get into pellets.