FMG Technical Analysis, page-9313

So on those figures @TonyIndo -
48% dished out in divys
$16B invested without ANY material reduction in AISC
$16B 'invested" yet NO shares held in other ASX listed miners & NO refinery still
A pathetic 18% used to reduce junk bond debt at exorbitant high rates


It was this junk bond debt that almost sent them bust twice and yet not $1 paid off in 3 years, WHY?!

Look at the last 3 years,
0% of OCF spent on debt,
a whopping 55% spent on black hole divys never to be seen again
45% spent on "investments" with nominal balance sheet increase or physical ROI on that investment other than Iron Bridge but thats going to replace current mines.
And still 2MTpa of carbon pumped into the atmosphere every year no greening in sight just more talk and bluster about future plans and estimates.

With those "investment" funds and $3B in divys, they could have paid off ALL DEBT, built 5 new ports, 2 refineries, bought out AGO & MINRES & the entire Ni sector in Australia.
But NO they must hand over those divys and BURN all that cash on blue sky mining.

While IOP is over $100 they can get away with this for now & keep that gravy train going for the boss & top 20 holders, but it wont go on forever. No wonder they cant get anywhere near a AAA credit rating.

Its black hole spending at its worst.
AISC actually has increased last 3 years
Nothing to show for all that "investments" other than Iron Bridge
The annual debt payments has increased 20% yet no action taken, no re-finance, nothing!
Talking hot air and maybe could be would be revenue from hot air in future decades is good PR at worst.

They are squandering all that cash & if they dont change course soon it will hurt the operations long term imho. The divy handouts are way more important to them than the existential threat to them which is the junk bond debt, LOL.

Sorry honey, all my salary I gave to my brother & gambling but i didnt pay down the loan principal or build that 2nd toilet we need for the kids... imagine her response.

The richer you are, the more weaker and foolish you are imho.