The Worlds Lowest Cost Producer, page-19

There's always a lot of speculation about how cost effective vale will be when they complete their new mine. To me it seems so pie in the sky it's like a 6 year old talking up how rich he'll be when he grows up. I think id be a pretty nervous shareholder given management have been unable to turn a profit at these levels for an extended period. In the hope to do so they've sold their souls to the devil in the Chinese with the $5b jv and taken on a sh@t load of extra debt and still have no guarantees they'll be competitive given the companies own 2017 guidance of $40 per tonne. I guess the difference is fmg have the runs on the board as far as a low cost, competitive producer. One of only three in the world.