I don't know... Those numbers look pretty good for a takeover or...

I don't know... Those numbers look pretty good for a takeover or going into administration as one overnight expert on China has stated. I like seeing someone actually crunch some good numbers...that's what this game is about.

Just sharing on break evens and capacity on the back of your numbers.

Fmg produce 57% Fe wet and their costs per tonne are:

Production - $32 to $35
Shipping - $10 to $11
Royalties - $7
Interest Cover - $5
Stay in business CAPEX -$5
Admin - $0.60

Total costs $59.60 to $63.70 @ 57%.

In 62% Fe dry, Fmg total costs are $69 to $73 per tonne. What does this mean? At Fe 62% $70t, fmg meets interest and operational Capex.

Fmg are very likely to ramp up production further. They had a day of 600,000t which translates to 220mtpa using four births. They are currently completing the fifth birth at due for completion in the coming year which will add an extra 20mtpa to capacity. GE are currently working with TPI to get the efficiencies out of the railway to hit 175mtpa comfortably....could be as high as 190mtpa. TPI is the ace in our sleeve! Some of the best infrastructure in the mining industry.

It's not smooth sailing but it's certainly not the end of the line. For me it's purely about the numbers and our eps is going to range between $1.00 and $0.75 for at least the next number of years.

2017FY is what I'm concerned about.