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
$16.12 |
Change
-0.010(0.06%) |
Mkt cap ! $49.63B | |||
| Open | High | Low | Value | Volume |
| $16.30 | $16.35 | $16.00 | $142.8M | 8.831M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 18592 | $16.10 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $16.14 | 3138 | 1 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |