this is factual. there was a brief period where FMG fob cost was at parity with IO whilst rio and bhp were still making a killing. I know this because a friend of mine ran one of the mines. Additionally i was working with Rio at the time and subsequently BHP shortly after.
to their credit it forced them to axe anything non-critical and get the house in order. which they did.
when IO prices bounced they enjoyed a margin as good as the other majors.
SF2TH
Ann: GRR - Quarterly Report for 3 months ended 30 September 2019, page-65
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