hold excellent at fair price, page-26

Pelm said:
"RIO is making cash out of Fe next door"
That they are, does this mean that fms will?? Not in my book, would you share your driveway with your neighbour??"

It is understandable to question the possibility of FMS would make the cash from its IO tenement.

RIO is making cash out of Fe next door is a fact in past. Logically if RIO could, other companies could do do with the similar size of IO.

To be a IO producer doesn't mean you have to get everything in your control but you could use external money and get some big boys in.

Agree that you would not allow anyone to share your driveway if they don't pay. But if you could get the reasonable payment and the city council based on the society interests by law has ordered you to share, what could you do!

It is not a matter "not in my book" but you have to. So your question should be how to maximize the return to do the things you have to.

IO is necessities. China has used up nearly all of the IO resource. The demand is huge and more people would want to use this demands for their own money.

Why could FMG be the third IO force? RIO is happy or not? In my view RIO would not think so emotionally. It would accept the reality to use it wisely to expand its profit base in IO sector.

So it is my feeling to play the IO and see through the clouds in future, you have to put FMS in a strategic level. IO will be hot again I do feel. FMS IO would get some big boys sooner or later.

However it is childish to predict no one is interested in FMS IO or expect it to sell IO tomorrow and get dollars for its shareholders. No free lunch but you could prepare for the lunch.