Happy to hear an alternate voice - but also happy to fact check a few of your 'claims' or opinions - because I'm not sure they stand up to appropriate scrutiny:
The only place growth can come from is dividends - that is just incorrect. YOU may not believe in FFI, or the number of JV drilling agreements FMG has entered into - but they are specifically where the growth COULD come from (I think the point you are/were trying to make is that significant growth from the FMG IO business looks very limited in the short-term, which is a valid point)
Big dividends are needed to support the share price - well, firstly, the dividends are massive at the moment. We're looking like ~$3.47 fully franked for 12 months, so 15% (plus franking). Regardless of that, FMG is in a window of opportunity with the amount of FCF generated where investment is not just possible but required. Acquisition looks unlikely (gut feel is that the FMG board thinks most assets are overvalued currently, so any acquisition would be at top-end prices which they aren't willing to do) - but investment internally (as per above point) is ongoing.
The volatility currently is working against FMG a little (and a lot of that volatility has been in a positive direction) - but if the SP settles then I struggle to see why anyone with cash wouldn't view it as a better option than a bank deposit when dividends of ~10% fully franked look almost guaranteed for the next few years.
FMG Price at posting:
$22.62 Sentiment: Hold Disclosure: Held
(20min delay)