Ann: Announcement from the Chairman - New Core Leadership Team, page-11

There is a clue to Twiggy's presentation in the agm when he commented that if everyone is pumping out high grade ores, the discarded ones will never be economic and be stranded as waste.

The flexibility of these producers are such that from my understanding, blending occurs all the time as the end product is designed for each of their client consumer. Some wants low impurities but some just want cheap and anyway in between grade, impurities and size of those ore. The problem is from FMG's long term perspective, screening out the high grade and shipping them off to get the required margins and exploit the premium cannot be sustainable for FMG in the long term. It leaves the screened low grade ores in the ROM rendered to the waste pile and would require further effort of $ to blend them in the future should the artificial cap be taken off by changing Chinese policy. It is much more economic to use the existing much lower grade then blend in higher grade to makeup the aggregate 58% IO content ready for shipping.

Just my understanding and I could be wrong but I see this is where the analyst will argue for not upgrading their bias on FMG.