My reasons:
Vale bringing on low-cost capacity, combined with fall in Real, will make FMG the marginal producer
China imports 2/3 of the world's iron ore, but one of their biggest met coal producers (Longmay) just sacked 100,000 of their 240,000 staff. Nobody believes their 7% GDP growth numbers
Based on current FX, FMG owes over $10B AUD
Losing money and can't pay the mortgage. I believe shares will go to zero eventually but comfortable predicting $1 by EOFY16, 50c certainly possible.
Prediction: Under $1 by June 2016
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Last
$19.06 |
Change
0.185(0.98%) |
Mkt cap ! $58.90B | |||
| Open | High | Low | Value | Volume |
| $19.38 | $19.38 | $19.01 | $88.64M | 4.618M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 16 | 8812 | $19.05 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.06 | 1115 | 5 |
View Market Depth
| Last trade - 11.46am 01/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |