RC, I understand your frustration, my current avg is about 3.50...

RC, I understand your frustration, my current avg is about 3.50 but Ive been caught with FMG getting smashed prior to this holding also (2012 and 2013), many thousands of losses. This is on top of trying to make back about $120k I lost around the time of the GFC....Oxiana, ABC Learning, Zinifex blah blah.
Don't be too downhearted though, people are industrious little buggers that will never stop 'progressing' and 'building' (to their eventual detriment) etc so there will always be a demand for commodities such as IO.
If you can hold long enough, your paper losses should disappear, assuming FMG weather the current price storm and live on.
Ive been holding patiently for years, its really the only option I have, because to sell means a 'real' loss.

RTfan