And then you add the franking credits, and you end up getting a...

And then you add the franking credits, and you end up getting a grossed up of dividend yield of over 15%. The P/E ratio is less than 6 based on the EPS of $1.65 reported in the Dec HY.

the production from Mar to Jun was 72mt or a run rate of 216mtpa. If it were only one month or two, you’d question if it would be sustainable but to achieve that over 1/3 of a year with one of those months (March) during what is typically wet season is massive.

they barely have any net debt either. The cost curve for IO has increased significantly over the last few years, hence why it struggles to fall below $100. I’ve shown graphs of India IO exports once the $100 mark is hit and it all comes to a stop. FMG along with the other big 2 here have by far the lowest c1+freight costs of any miners. $70 back in 2019 is now $100.

it’s crazy how it’s priced at the moment!