Ann: Half Year Results to 31 December 2021, page-62

Few points that stood out for me from the investor call transcript...

* Fuel costs very high this first half. Displacing 100 million litres of diesel out of their operations per annum will be more than a decent start to keep costs low so that the company can still prosper through the various cycles of the market.

* FFI's unutilised funding commitment is US$651 million. That's after taking into account first half operating and capital expenditure of US$242 million.

* The company is aiming to deliver across the entire value chain, from manufacturing, integrating technologies, generating green energy and to distribution.

* What would this potentially mean...not only would it allow them to lower their costs but it would open up many options. Think of Iron Bridge coming online and the opportunities there to monetise this iron ore body.

* As per announcements we can now see that there are many opportunities that the company have to choose from and assess. It's now about selecting the right projects to choose from. A major domestic and international play would suffice. They have highlighted that they will be disciplined with capital, they will make make sure that operating costs are low and they need to be able to get the right value accretive projects to market in the fastest possible time frame.

Tony