Further points FMG in their report disclose sales to Korea,...

Further points

FMG in their report disclose sales to Korea, Japan, India & I think Thailand

I would be inerested to find out how much out their production was shipped to the above, in particular India as they now are a net importer of IO as opposed to an exporter

With the quarterly production reports of RIO/BHP it is hard to work out their margins, if not impossible, how can we calculate overheads and debt costs attributable to their IO divisions.

BHP & RIO also have significant debt that needs to be serviced, qu action is what are the debt serving costs for the IO divisions, if we knew this then we could compare apples to apples

FMG report on the other hand is more transparent as they only operate in the IO space

I think there may be some smoke & mirrors here in their reporting and the shareholders are not being made aware of the true margins being made from IO and the cost of their attempt to wi market share and wipe out competitors

Sooner or later the market and shareholders will start asking management the right questions

FMG on the other cannot hide it's true cost and margin