I think it's important that we get some context around what is currently being modelled by the street. Macquaries numbers as of 2 weeks ago are below.
You will note the Iron Ore estimates are far from optimistic, lithium also reasonable. On these numbers, MIN is actually generating free cash this year. If you want to adjust for the extra $200mil for the haul road, that's still $450mil odd of free cash for this year.
Additionally, the debt on the balance sheet, does delever pretty quickly based on the above assumptions. The calls for a CR are fairly unjustified in my view. There is absolutely no need for a CR unless the Iron Ore price all of a sudden completely tanks. Calls for IO to tank have been front and center for 3 years now, and it hasn't happened.
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