Banter and general comments, page-29295

I must admit I was very surprised by the commentary re FY25 production. They have 18 months to "fix" any possible supply constraints and I would think that would be one of the top 3 items that the Board would be setting management at this juncture. To come out with such a definitive statement and some wishy washy lines that they are looking into it is, in my view, reflects very poor understanding of the implications and also is a reflection of the lack of "can do".

I recall when, post GFC, there were real concerns for FMG's survival in a low iron ore price environment. I can't recall the exact figures but I think their all in costs were about $60/t at the time and the market were generally disbelieving that the costs could be significantly wound down. Twiggy basically said "I will show you all up" and he and his team at the time took FMG from one of the highest cost to (I think for a period of time) the lowest cost producer within about 12 to 15 months. Shows just what can be achieved with the right attitude and thinking outside the box.

That is what we are looking for from CXO management at the moment and it certainly is not evident in the way they portrayed FY25 production in this Quarterly.