Mrhammond,
Still has enough cash on hand to last until 2017, caveat is how low the IOP reaches.
IOP is defying analysts forecasts and showing all signs of retreating $50.0mt rather than $60.0mt.
Obviously at $50.0mt the situation would be dire, however losses could be absorbed for a period of time.
It would also depend on how much more costs can be cut, if as they suggest a further $5.00-$6.00mt can be cut, then the break-even pint would reduce from around $58.00mt (62.00% fe) to around $50.0mt (62.00% fe)
Either way, there is little headroom left for repayment of the debt, unless prepayments received are high.
FMG should have refinanced last year when IOP was above $70-75.0mt and price predictions going forward were much higher than the current forecasts.
I concede that we are fast approaching uncharted waters, which this time round management may find it very difficult to navigate back to safe waters.
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