I think you missed the story here. Both are important. The whole...

I think you missed the story here. Both are important. The whole point is that FMG is in the position to leverage their strong cash flow in order to achieve the ambitious goals of FFI. Its a synergistic relationship. I wouldn't be investing (and slowly starting to top up) if both parts of the operation weren't in the same company. The iron ore operation allows developing the FFI mission full tilt without worrying about financing. Eventually FFI will be the main point of FMG and I certainly hope they don't spin it off. FMG has the potential to become one of the largest energy companies in the world and therefore also one of the largest companies in the world if you consider how large the energy industry is. Their cashflows allow them to pursue a more aggressive path and get ahead of competition that are starting from scratch. If they held a vote to increase the amount of cash they funnel into FFI from their IO operations I would be all for it as the early mover advantage here could be huge. It would also be nice if they just hurried up and acquired HZR and HYZN US as well

Of course I'm in the second camp though and I'm happy to invest in the other pre-revenue green companies on the ASX too.