I am a bit confused about the 75% FMG question but I will try to answer.
BCI have a 75/25 unincorprated JV at the Nullagine mine site in the Pilbara with FMG. BCI has the 75%. BCI gifted the current 25% (originally 50% but they bought another 25% back recently) to FMG in exchange for a rail & port access agreement at Port Hedland via Christmas Creek and marketing arrangements.
FMG has no shareholding in BCI.
The largest shareholdings are as you suggest, held by institutions at around the 6% level.
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I am a bit confused about the 75% FMG question but I will try to...
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