Ann: Becoming a substantial holder, page-20

Hi Gindalgan

I think you may want to have another look at the history. During the set up period, Iron Ore was well ove $100 a tonne. In the early year's FMG's cost of production was over $40.
What has iron ore recovered to? No where near $100. Don't forget also that FMG sells at a discount of about 25%. So, if they had sat on their hands and just done capital raisings to clear debt, they would still be in trouble. But they have their cost of production down to $13 per tonne.So I think you better re-think about iron ore booming again that saved them. they were wise enough to realise that Twiggy was not the CEO required. That is why they appointed Nev and to his credit he has worked miracles. He earned his millions in salary.

I just don't understand share holders. Here we have a bunch of directors who are making share holders pay for everything (capital raisings, lack of dividends), who have clearly stated in their reports that as far as they are concerned, share holders rank last in the company's objectives and we are trying to defend them. go figure!

Pear