Iron ore price, page-889

FMG started the last half with $8,392 Million of equity

In that half they earned $1,222 Million Net profit

$1,222 Million is 14.5% return on $8,392 Million in 6 months, which is a 29% return on an annualised basis. (Unless you think FMG only operate their mines for 6 months of the year)

Also keep in mind the average IO price this half is higher than last half, so even if IO remains at a lower level for the rest of the half, they should be able to match the first half results, but you can use a 25% or 20% figure and the $5.50 price that was claimed to be grossly over valued still appears less than fair value.