FMG - 2021 Interim Dividend, page-455

Hi flip,

I agree totally, that a strong AUD is usually not good for Aussie exporters.

However, the strong AUD is a direct result of a strong IO price (this has been the case for quite some time now). Therefore the potential revenue loss to FMG, as a result of a strong AUD, is more than compensated for by the strong IO price.

Evidence of this can be seen by FMG's recent fantastic half yearly result, as well as FMG's very strong SP, which has rallied over 200% in less than 12 months.

If, as you say, the strong AUD is badly impacting FMG’s revenue, the FMG SP would be nowhere near where it is now, and FMG's recent dividend payout would have probably been half of what was recently announced.

Having said all this, it is my opinion that despite the very high IO price, the strong AUD is putting the brakes on a further significant rally in the FMG SP.

Nevertheless, as long as the FMG SP remains very high and very stable, and FMG continues to pay out record dividends, the majority of investors will be extremely satisfied. And of course, in turn, the lure of a highly attractive dividend will further support the FMG SP.

Cheers.