I took my eyes off FMG for a couple of months, but this article seemed fairly balanced and accurate as far as I could see. Haven't checked latest reports and announcements - yesterday fmgl website was out of action. Back up today. But seems like the cash balance around 1.2 billion, achievement of the 40% gearing target is in line with past performance and trajectory as I recalled it.
I thought I recalled that FMG had hired a finance guy from RIO perhaps, so Gaines was a slight surprise to me, but perhaps the RIO hire was not at the level of Pearce (perhaps a report to the CFO) or they didn't see eye to eye with him.
Interesting that the reporter suggests Gaines would or could set strategy even on finance matters without the input of Twiggy and Nevil. Any change in financial strategy is surely, imo, going to be a conversation (including Nev and Twiggy) not a single person ruling at FMG. Overall my impression is that FMG are being quite conservative with Ms Gaines appointment (based on what she is reported as saying here - that they'd possibly even go net cash positive) - and that is no bad thing for the accumulation of value. Not doing anything wrong is probably good management at the moment.
The moment FMG does announce an intention to diversify and into something specific other than core will be an interesting one.
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