Dear FMG, page-6

Interesting that the avg strip ratio was also 1.5:1 for FMG for the quarter.

Webber has a strip ratio of 0.4:1 and Corunna Downs has a strip ratio of only 0.5:1.

McPhee Creek has a 1.5:1 strip ratio but has close to the best grades of all ago stranded assets, is a DSO operation close to surface, ability to produce 50% lumps and low alumina.

Overall discount for fmg of 37% for qtr similar to ago fines but the weighted avg discount for ago was closer to 32% with lumps (pls see my post yesterday). Lump production by fmg is inconsequential

They're looking at potentially approving magnetite resource for development. Well they should relook again at Ridley only 75km from port before deciding which resource will help them provide the best return on investment...

Looking fwd to Twiggy's next move very shortly

Cheers