Correction to the above. Using those assumptions free cashflow would be roughly US$800m per year rather than US$400m per year (I used half year rather than full year). Which makes it a little closer to investment worthy in my book, although I would still be concerned fmg's costs will chase the iron ore price higher, especially once they revert to LOM strip ratios of 2.1 in a few years. It also assumes dividends stay around the 2 - 3c mark which would probably change if they consistently have that sort of cash flow, higher dividends might bring free cashflow down to around US$700m in the above scenario.
c1 cost down to $13 wmt, page-65
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