FMG Technical Analysis, page-6820

perhaps you dont read the financial reports like I do -
reduced cash at bank for 6 months now ie cash outlflows exceed inflows
gross debt increased to US$4.6B ie thats aud$6B & increased
increased junk bond debt at a very high rate of 4.4% (US10 year yield is 1.7%)
net debt increasing, was in net cash surplus in Sept 2020 not any more and getting worse.
have to have a good Q4 surely to break this trend of increasing debt/net debt & reducing cash at bank.

see below-

https://www.fmgl.com.au/docs/default-source/announcements/2205326.pdf?sfvrsn=598d6a55_4

"Financial position
• The cash balance was US$3.6 billion at 31 March 2021, compared to US$4.0 billion at 31 December 2020. • Cash outflows in Q3 FY21 included US$3.5 billion for the FY21 interim dividend and US$909 million of capital expenditure, inclusive of sustaining capital, major projects and exploration. Total capital expenditure year-to-date is US$2.8 billion.
• Gross debt was US$4.6 billion at 31 March 2021, compared with US$4.1 billion at 31 December 2020, and net debt was US$1.0 billion.
• During the quarter, Fortescue issued US$1.5 billion Senior Unsecured Notes at an interest rate of 4.375 per cent with a maturity of April 2031. Use of proceeds include the refinance of the Company's 4.75 per cent Senior Unsecured Notes due 2022 and the 5.125 per cent Senior Unsecured Notes due 2023, together with transaction costs. Net proceeds of approximately US$160m are retained as cash on hand. The redemption process is scheduled for completion by 30 June 2021 when Fortescue's gross debt is expected to be approximately US$4.3 billion."


I understated the debt, its actually not $5B but aud$6B now and rising, they hope to reduce this in Q4 now by a mere us$2ooM?!
you need to get your figures right & start smelling the roses.