I think your comparison of FMG to BHP if flawed.
Firstly BHP is diversified and had a track record for many years but FMG has not.
BHP only mines high quality large low cost resources and has better quality than the majority of the market but FMG doesn't.
BHP is lot bigger company and can absorb market movements better than FMG because of diversification. BHP marginal cost means they are the first to increase production and last to decrease production which gives them a market advantage. They benefit the most from high prices and price spikes.
Due to the volume, quality and consistency of BHP product it is given a much higher value as an asset by market. If you are going to make comparisons keep it in context.
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