From my understanding of the report, the losses are "paper" losses only while they made trading profits of $72million in 8 weeks.
That seems reasonably good to me.
Factor in a few resource upgrades (that was also announced today) and higher levels of production at Cloudbreak and Christmas Creek, methinks this has a lot of upside.
The only cause for concern for me when reading the report was there reluctance to make a prediciton for the following years earnings. I think that is strange, but perhaps there is a conflict of interests with some of the juniors in the area that FMG might be interested in...
fortescue reports 2.5bn loss, page-4
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