FMG and it's management have obviously decided to save money and time by not reaching proved status on all of their discoveries to date, the reserves that are not proved are inferred or probable.
If they had wasted time and money on this, they would likely be dead in the water.
They have still yet to explore the bulk of their tenements, having only bothered to explore 15%.
Of this 15%, they likely have over 4BT of ore. It's not proved, but you could spend the next 10 years doing it while asking the market for more drilling money.
FMG have had some faith, and got on with it. It is likely and probable that there are tens of billions of tonnes of iron ore on these properties of varying grades and impurity levels. There is enough high quality ore to keep them busy for a long time in my opinion.
Sounds like you do not wish to make this assumption christos, and it is not for you.
attention - no more debt concerns ...!, page-35
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