You are so right, FMG management could not control IO price, so they took all steps to reduce costs, increase efficiency to go from a high cost producer to nearly the lowest cost producer.
FMG management, focused, disciplined, motivated and best of class. Even if IO price was at $50.0mt, realised price after 20.00% discount would be $40.0mt less say $30.0mt all-up cost, still leaves a profit of $10.0mt.
165.0mt @ $10.0mt = $1.65b profit, still a great company
More than enough to survive and continue to reduce debt.
FMG has survived and thrived not because IO price now above $70.0mt, but because of FMG management and the culture that has been created.
The only issue I had with management and posted on numerous times, that they took their time to refinance in 2015 and paid a high price (interest cost 9.75%).
FMG Price at posting:
$6.28 Sentiment: Hold Disclosure: Held
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