new forecast, page-28

Hi westcott,

FMG's debt is owed by the company. The company owns the infrastructure. If FMG was to sell/lease any of infrastructure, they could do what ever they liked with the proceeds.

Your comment re FMG not being around after 2 years of $60p/t prices is baseless. Accept it and move on.

I have provided 3 main reasons why your comment is baseless. Their cash on hand, ability to sell/lease assets, and their all in costs of US$51/dmt cost.

Where in my 2 posts today did I talk about IO supply to China only? I made general comments about Citi's 2 year forecast, and pointed out your false comments about FMG. I said nothing about IO supply to China only. I have no idea what you are on about.

Those mines you talked about do add up, but to nowhere near the new supply coming online over the next few years from BHP, RIO, Vale & Roy Hill.

Good luck!