The 2 business have a completely different risk profile because one is much higher risk than the other due to their position on the cost curve. Also FMG has growth and GRR doesnt. Thats why GRR has a PE that is so much lower than FMG. You can debate the exact number (maybe FMG should be 8 or 12 not 10.5) but fundamentally FMG justifies a much higher PE than GRR.
Iron ore pricd, page-40
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| No. | Vol. | Price($) |
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