What’s interesting is that from initial reports, FMG has come...

What’s interesting is that from initial reports, FMG has come out the most unscathed.

FMG reported no damage and a deferral of 1.5-2m tonnes should PH reopen tomorrow. They were quietly confident of making up that lost ground. Also operations have been running as per normal (excl port closure)

BHP has reported water damage to some of its buildings at Nelson Point. It’s still assessing the damage. It’s rail ops remain suspended.

Rio’s rail ops remain suspended in addition to both its ports. Its ports would likely reopen a day after PH given the slow moving nature of the cyclone and is making its way to Karratha. Robe Valley ops remains suspended. Robe Valley Fines have similar characteristics to FMGs products. I recall when the fire occurred in Jan that FMG was considered at the time to be a beneficiary of the force majeure Rio put out.

I would suspect that with more certainty and a confident outlook being conveyed by FMG mgmt that this will reflect positively tomorrow. The uncertainties facing the big 2 would likely amplify the positivity for FMG.