MIN $10 Share Price, page-20

The single biggest determinant is how safely they can handle their debt. That’s driven by lithium and iron ore prices, they do have recurring cash flows from their crushing businesses which will help. If commodity prices get real ugly then this will fall a hell of a lot more but they need a clever solution to keep that debt in check until the good times return in a few years. This story has played out with FMG in 2009, 2012 and 2015 and each time the FMG share price tanked due to concerns around their debt load. Each time proved to be a phenomenally good time to invest for those that can buy and hold. I would argue that your decision to buy MIN is not so much a punt on the commodity prices but a punt on how clever the management are and well Chris Ellison is pretty damn clever. Having said that my entry point is a lot lower than $45.