Ann: March 2014 Quarterly Production Report , page-18

talking about Debts as a risk in the case of fmg at this stage is rather different to what i consider a risk to have been in the past. they have spent the money to upgrade and increase supply.

This having been completed and selling this extra supply seems to be on target. The Risk is not the ability to pay the debt its getting it payed as fast as possible.

So the risk if we should use that word in no a risk of default on the debt so to say just the time when it is payed down. The debt repayment structure does not leave fmg stretched to cover it at all. even at a low ore price for a period of time.

an oil explorer borrows money to fund a drilling program. that is what i consider a risk if it hits its a winner if it misses its a loser. clear and simple.

that is a clear risk. with clear reward if it hits. after it hits there is a spike in s/p due to its asset increase, then it has to sell or produce its asset.

With fmg they did the same and have drilled their hole and are now producing the asset was always there no risk for that. so now the share price will do its thing as each quarter passes. as that debt is reduced. and it will be step by step. so the word risk if its the right word will be less and less.