We're seeing diversification with FFI being allocated 10% of NPAT for investment, this is not something that will happen overnight.
The challenge FMG have is that any investment needs to be:
a) Of a substantial scale (I can't ever see FMG aggregating small mines)
b) Have a sufficient ROI that does not reduce the ROE of the company
BHP and RIO both learned very valuable lessons during the last super cycle regarding throwing cash at overpriced assets.
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