Iron Ore Price, page-18105

It's Saturday, no need to be so serious, just pulling Baukaw's leg.

Good points on the Debt though, another US$2B by end of June should do the job.

FMG was already making a big in roads on Debt and Cost when SP was at $4, not sure why you said "you wouldn't even touch it at $4"??

Anyway, every shareholder should be happy that Chinese want our IO that they are willing to pay 91.7% of Platts for them.

Sep 16: 82.5%
2016: 88%
2015: 85%

Got a bit worried on September Q when IO realised price only averaged US$48.36.

If demand picks up again in two weeks time and we continue to see seaborne IO replacing Chinese local IO,
FMG's IO will continue to be in high demand, that is probably more important than anything else, imagine if December was same as September, 9.2% of discount difference was US$6.50/dmt or $US250M less cash flow or 10c per share in cash flow, to put this into context, last financial year FMG has 130c per share in cash flow.

Let's hope China continue to cut pollution and low quality local IOs.

DYOR.

Frank.