FMG Dividend Poll, page-90

Still too early, hehe. Wait for 2nd Q report out at end of January.

I just don't like the "unknown" realised price in the last Q report, they should post the price like they did all previously. I think "Market" doesn't like that and it's having an effect on the SP.

Good or Bad, I think all shareholders are entitled to know the Realised Price, since we will find out in the half yearly report eventually anyway.

IF Market is priced FMG at PE of 13, or Earning of A$0.35 (4.55/13).

NPAT (12 months) = 0.35 x 0.75 (FX) x 3113.978 = US$817M (12 Months)

Net Profit Before Tax = US$1168M or US$6.87/wmt

All in cost assume at US$31/wmt.

Therefore Realised Price is (31+6.87)/0.92= US$41.16/dmt

NOW this is what the Market is thinking of FMG's realised price: US$41.16/dmt!!

If this is WRONG, FMG should put out a market update on "Realised Price" and "IO Shipped". They put out a market update last July when newspaper was speculating FMG shipped 170MT of IO instead of guidance of 165MT, they put out a statement saying it was 169.4MT. Now we have newspapers speculating about low realised price and low IO shipment which has effected the SP lately and I didn't see any announcements, just make you wonder!!

Oh well, let's hope US$41.16 is wrong, let's hope the Market is wrong, let's hope the price is a lot higher.

DYOR.

Frank.