Iron Ore Price, page-6905

Citi are a joke. I like this comment below in particular. Is that why they have had FMG as a sell with a target as low as $1.00 despite debt reduction and growth in NTA? 30/6/13 NTA was about AUD$2.23 per share and currently around AUD$3.50 per share. That's about 57% growth over three years. Rant over for now.

"The sector is offering little in the way of earnings momentum or dividend support (following from the suspension of dividends or move to payout ratios), this leaves investors the question of how to define value. In our view, shareholder value creation comes down to whether the mining companies can grow the Net Present Value of the company over time. The key change for us is that the mining companies have stopped destroying value which has been a feature of the past 4-5 years. However, we think broadly the mining companies lack a strategy to create value."