I'd have to agree with Pear on this one. For the half year accounts they barely squeezed out a positive cashflow excluding dividends and loans. That was with an average of around US$80 iron ore price for the half. At the time I think FMG were reporting all in costs around $60 so there seems to be a bit of a disconnect. I reckon they are probably burning cash sub US$60 even with their reduced costs. The market seems to think so too with the share price.
Will be interesting to see their year end balance sheet and whether net assets have increased or decreased.
All imo dyor.
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