Min and Lithium, page-61

CE was very clear at the AGM that the planned IO developments will result in a significantly lower cost of production. Although the Ashburton hub is low grade (57%) the costs are very much lower due to the use of automated trucks on a private haul road and the use of barges to load the ships.
Also, the South West Creek hub (Marillana) will be a 60%+ grade and tThe Yilgarn will be transitioned to a high grade magnetite operation.

All of these result in a much better IO business than they have now, and will also allow JV partners to buy in to the mines while MIN keeps the infrastructure and mining services contracts.

It's a smart strategy. You need to look beyond what is happening today and imagine how this will look in the future. There are clever people at MIN, just look at their track record. Also, IO is just one arm of their business - you need to consider Lithium, Mining Services and now oil & gas. They have a lot of options and will do what is necessary to grow the business to the benefit of the owners (which includes themselves as well as us). MIN is much more that iron ore.