Potential divy, page-45

I'm just going to be devils advocate here - FEX is making all the right moves (hedge in place, high grade ore, good boat volume, etc), but on a macro level we've likely seen the top of the IO cycle (opinion formed via historical commodity cycle charts). I know everyones looking forward to the divvy (including myself), but wouldn't FEX ultimately be best churning their profits into the business and future proofing itself for what could be a grim 4-5years of IO bear market? I mean the reality, if IO goes back to historical averages circa $60p/t, FEX does not have the scale of the the big boys (BHP/RIO/FMG) and would become unprofitable in current state. I'm holding and optimistic for the future...but at a macro level it could be a real uphill battle for any small IO miner/producer.