Ann: Onslow Iron Update, page-48

I’ve been surprised in reading through the analysis, that it is never mentioned that MIN has special terms associated with its debt. MIN is carrying $800m in debt on behalf of its JV partners, and is accordingly entitled in their agreement to collect 80% of cashflow from the project during the debt repayment phase, despite only having 60% equity in the project.

none of the above maths regarding iron ore price or net costs appears to take into consideration a significant cashflow boost for each tonne of ore sold. Even if iron ore fell to USD$80/tonne, MIN still has a buffer during the debt repayment phase.

as long as the road meets operational needs, the debt is very well structured - this is why Mark Wilson is so confident stating this position repeatedly.