Iron ore price, page-43377

Yeah, because I tried to exit the thread politely. I was invested in FMG for years. The guy wouldn't have the first clue that Fortiscue would not have existed if the likes of Hunan Valin and other Chinese steel mills happily lent to Twiggy in the early years when many Australian investment banks wouldn't. The Chinese bashing on these threads just a bit ironic, given they literally funded the company from its birth.

Many Aussie funds like Bronte Capital actually shorted it in the early years, to their detriment. Now they'd be well advised to.

Fortiscue announced amazing 2021 results, 182 mt shipped, $14/wmt cost, $135/dmt recieved, $22.3 billion revenues, $16.4 billion EBITDA, $10.3 billion net profit.

They've just told investors they only achieved $74/dmt for the last quarter - vs $168/dmt for 4Q 2021!! Costs are higher at $15.31/wmt

These results are going to read starkly against the brilliant 2021. Revenues around $8.9 billion in the first half. Costs will be rising across the board.

I don't think enough investors paid attention to Mineral Resources (ASX: MIN) this week, that saw a massive profit drop from $520million to $20million across halves. It of course has far higher unit costs, but FMG will not be entirely immune itself.

Sorry, I tried to exit this thread, but people started calling me a moron, etc. Fortiscue MIGHT make $10 billion in profits this year (most analysts forecasting considerably less), IF, a big IF, the iron-ore continues to bounce. Fortiscue is guiding 185mt for 2022. It may have had its zenith year in 2021 on the back of a Fed led commodity bubble, that is now about to be replaced by tightening globally.