FMG Feb 2022 Div Guesses, page-207

I advise EVERYONE here to read the whole transcript end to end.
https://www.fmgl.com.au/docs/default-source/announcements/investor-and-analyst-call-transcript8e90e143944a44df87341dde34a34922.pdf?sfvrsn=5b700d2b_4

My Key Takes:

• Very careful decisions are being made regarding what sites in FMG & what is FFI
• This indicates that a split is very likely in the future IMO
• Williams will site under FMG Iron Ore for the purpose of decarbonising our existing operations
• decarbonising our existing operations will sit under FMG iron ore business
• FFI appears to be purely export business.
• Major FFI capital spend so far is only $83 million in QLD for 2GW electrolyser factory
• Factory may expand to $650M and start building wind turbines too.
• Dividend is mostly lower due to cash flow, very large capital spend in Iron Bridge and Eliwana this year, will ramp down soon.
• No major FFI projects have been costed & approved, including the massive Uaroo green energy hub. This is why we have no guidance, because they are not fully costed or approved yet.
• Eliwana running very behind schedule as we can't get native title surveys completed.
• Uaroo will include hydrogen export