fmg quarterly, page-69

I very much doubt that fmg are reporting false financials. The facts are as stated, increase production, lower costs. reducing debt.

that is he good news. the not so good is the price of i/o. but even with the current low price fmg are still doing the above.

The i/o price will change may be up of down depends on other issues. But the issues for fmg are those that they keep promising and delivering. so as time passes till the i/o price balances out fmg will keep to its game plan and to date that is a fact not theory.

i would expect the next financial report to yet again show data to support fmg are going in the right direction.

The current situation as to who will drop out of the supply game has yet to be seen. there are low volume suppliers making low profits. there are suppliers that at levels bellow 85 and even 90 are loosing money.
now look at those suppliers mentioned they have only up side if the price of i/o increases quite a bit.
fmg has that added upside as it keeps reducing debt. look ate the saving in interest alone for each billion it reduced debt. payments not due till 2019. compounding interest savings are very high.