I‘m with management on debt repayment. Doing a business is about...

I‘m with management on debt repayment. Doing a business is about making the largest margin that you can on your products. C1 cost now around US$13 and even if FMG can get to US$12, it‘s only US$1 saving.

Now Debt Interest, FMG paid US$621M last FY. That is US$3.70 per tonne COST. I think FMG is working hard on both debt repayment and refinance with Chinese Bank to get better interest rate. With FMG‘s senior secured debt rating now "investment grade", 1% of interest saving is like US$0.30 per tonne savings!

FMG need to pay more debt repayment to improve it‘s credit ratings, or reduce it‘s debt equity ratio to a point that they can refinance to get the best possible rate, that would take a couple of $ off the cost, making FMG even more attactive to investors.

With IO price at such high level, FMG might even go Net Cash this year, then you will expect extra dividend, share buy back and M&A.

Spuza, share buy back will come, just that it won‘t be now or near future, let FMG pay more debt repayment, US$1B per Q, then by ens of year, you will get your share buy back and FAT dividend and high growth SP.

We just need TIME.

DYOR.

Frank.