Ann: Fortescue Leadership Changes, page-87

We all know that costs of projects always exceed the budget and in this case because of the increase in cost of steel, the rise in US$, and the shortage of contractors due to Covid, costs were up on Iron Bridge.

FMG have always been a well managed company where executives are honest about where they could have made better decisions and honest when things are not quite running on schedule or budget. If you work in an organisation that is always intent on covering up then there is never any improvement, only lies and deceit.

For example compare the aircraft industry and medical practitioners. When an aircraft crashes they look at every reason why it happened, announce it without fear or favour, and make improvements, that's why we can be very confident of safety when we get on a plane.

Medical professionals on the other hand have high insurance premiums because when things go wrong they go into defensive mode due to the compensation they might have to pay, and they are not open with their mistakes or opportunities to learn from others mistakes, because no one talks about it openly and honestly. Consequently when we go in for an operation or serious medical issues we cannot be confident that we will survive.

I feel this move by FMG is as announced, a breach of their culture and values, so I am confident that whatever the overspend is on the budget we will be told the full details of the review. And as other have said Eliwana was over-budget but is in production now and Iron Bridge will be in production by 2022 and paying for itself in a short period of time. GLTAH and looking forward to that dividend announcement