Iron ore price, page-49619

Don't think I said FMG's balance sheet is healthy, I said FFI was well financed for the next 3 years
FMG 'owes' FFI $1 billion, so that will nearly definitely increase our net debt,
FMG is struggling a little bit paying out these juicy dividends, but keeping FFI funding to 10% NPAT is still doable, especially if IO prices stay healthy.

That bottom line is for Pilbara decarb & FFI, Those figures are MOSTLY taken from page 9 here:
https://www.fmgl.com.au/docs/default-source/announcements/fortescue-announces-execution-plan-for-industry-leading-decarbonisation.pdfPilbara decarb is not FFI, those red brackets are 90%+ FMG CAPEX. NOT FFIso that spreadsheet actually has a maximum spend of $1.6b, and pilbara decarb has a spend of $1.5B, that means only $100M for FFI in FY26, FY27. He has got it very wrong!!! FFI spending is nearly guaranteed to be above $100million per year.(which actually makes the debt worse, but you know that )


Take goldman sachs with a grain of salt, that Paul Young has had a Sell rating on us for 3 years... missed out on 30% dividend yield & 34% capital growth since his sell ratings started.