jb206, as everybody is aware, FMG doesn't receive the "58% Fe spot price".
FMG receives a discount (currently 15%) off the "62% Fe spot price".
So, if the iron ore price averages USD$150 a tonne over the coming 4th Quarter, I reckon an average received price of USD$110 a tonne is pretty spot on.
News: FMG Fortescue Announces Dividend Reinvestment Plan Allocation Price, page-7
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