to be honest I can’t see iron ore going to US$50 given the break even for a lot of the tier 2 mines is around US$80. Then the tier 3 small mines higher again. So I always see a floor around US$80, of which, BHP and RIO are extremely profitable. FMG, not so much given discount to spot.
Like you, we hold a substantial amount of these in our portfolio. By far the largest, next is CBA (won’t sell but overvalued in my view).
BHP Price at posting:
$45.85 Sentiment: Buy Disclosure: Held
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