I don't want to appear argumentative, but I think you have assessed the report from a very bearish point of view.
Two quotes from the report;
The miner achieved an average price of about $US130 ($A146.99) per dry tonne delivered to China during the June quarter.
The sale price to Fortescue's customers in China, which *includes shipping and insurance costs, averaged US$130/ton ($A146.99) during the quarter.
Costs up and prices down suggests some pressure on margins but not major headache given FMG's 35% 2009 EBIT margin.
"if spot prices continue to decline fmg could very easily go bust."
If it was run by Wayne Swan or Martin Ferguson, yes. But its run by Andrew Forrest who has dealt with a continuous flow of insurmountable obstacles, sarcastic and venemous press, negative broker reports, attack by Government, and look what we have now compared to seven years ago.
FMG is not going broke....
I've been an intensive FMG watcher and shareholder since 2003. I'm not about to sell out. I think that yesterday's price action was entirely in line with the market sentiment of the day.
...and this; Development director Peter Meurs said it would make sense for the miner to share rail and port infrastructure with Gina Rinehart, the nation's richest woman, who wants to develop Hancock Prospecting's Roy Hill deposit near Fortescue's mines.
Just imagine what a force to be reckoned with that duo would be together...
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$19.54 |
Change
-0.370(1.86%) |
Mkt cap ! $60.16B |
Open | High | Low | Value | Volume |
$19.52 | $19.75 | $19.29 | $225.1M | 11.80M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 2000 | $19.52 |
Sellers (Offers)
Price($) | Vol. | No. |
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$19.54 | 6420 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 2000 | 19.520 |
1 | 1000 | 19.510 |
4 | 6650 | 19.500 |
3 | 7100 | 19.490 |
1 | 138 | 19.480 |
Price($) | Vol. | No. |
---|---|---|
19.540 | 6420 | 1 |
19.550 | 9366 | 3 |
19.560 | 6300 | 1 |
19.570 | 10821 | 2 |
19.580 | 13225 | 3 |
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