That's not correct.
At the sub 60% mark both Rio and BHP have pisolite, a high grade Yandi with high LOI but low impurities, and Rio has a lower quality Robe River product, but the bulk of what they do is higher grade. Which is why both companies do much better than FMG on a margin basis.
BHP Yandi likely to be replaced by higher grade from Southern Flank in around 5 years (or thereabouts).
Iron ore price, page-819
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