Iron ore price, page-49610

FFI has been promised 10%, but haven't spent 10%, so they have roughly a billion or so allocated to spend (creative accounting), which will come out of our cash on hand.
Assuming 70% debt and huge assistance from US governments, we're probably looking at $10+ billion worth of projects so far.
Also note I expect a lot of JVs, and many projects where we only provide the electrolyers, not produce the energy, just produce hydrogen.
So basically FFI is financed pretty well for the next 3 years ahead already. Those projects should create a revenue stream to finance future projects.

China could easily fail, but its not a bet I would be taking. Even if iron ore demand falters, as you said there will always be demand, especially with India & Africa finally growing. Add inflation to the cost curve & FMG is sitting pretty. Green Steel is basically needed to stop 8% of global CO2 emissions, part of the green push, no true alternatives except keep polluting. Hydrogen is the only proven solution for heavy duty transport (trucks, ships, planes), today's batteries aren't close to cutting it, so hydrogen is a good bet.