Good solid production report.The standout for me is the increase...

Good solid production report.
The standout for me is the increase in the net debt position at -1.7B (cash down / debt up) which is the largest since the June 19 quarter of -2.1B.
Final dividend for that financial year was 24 cents.
Based on today's qtr report I still think next div will be in the AUD0.90 to 1.00
FMG will be stretched to continue with the generous dividends of the recent past.
3,079 shareholders @ $1.00 Div = $3.1B + FFI expenditure
Where's it coming from - more debt? because although IOP has improved it won't be sufficient to cover cash outflows
I think FMG is very well managed however profitability is highly sensitive to IOP and the discount applicable to the FMG product both of which are completely out of FMG's control.
So fully understand the scramble to develop a superior product but it won't happen in the short to medium term