Iron ore price, page-3356

Hi team,

Interested in people's thoughts on what FMG management will do with excess cash come March April next year.

My thoughts are: ( numbers estimated only)

$3b in cash end of September
$660million dividend payment
End of year cash in hand $3.4 bil ( $350 mil a month cash generate Oct-Dec)

$625 mil tax bill ( Sec) leaving $2.765 bil

Jan -march ($350 a month cash) $1.05 bil generated in QTR.

Cash on hand end of march $ 3.81 bil

April Debt repayment of $2.2 billion ( save $216 million a year interest)
Saving is equilivent to $.08 cents per share dividend per year.

April Dividend of $0. 25 or $ 660 million

Leaving cash on hand circa $1 bil - $900 mil, net debt $500-600 million.

then future cash for larger divi , buy back, development once new mineral has been found in commercially sustainable quantities.

Regards

Matt