Jeeper, I run the risk of being pedantic and showing how little I remember, however I will shed some more light on the issue of grades.
FMG mines detritals (detrital iron deposits) so their ore is naturally at a lower grade than bedded iron deposits which is what Rio and BHP mine (marra mamba and brockman).
FMG grades are usually around 55% (someone correct me if im way off), whereas the top stuff coming out of newman (BID) is 65-68% (brockman ore), Rio is probably similar.
Grade is market dependent and can vary. Smelters will also look at phosphorus content and alumina and silica etc.
The main issue with iron ore is the glut of projects coming online within next 2-4 years both from majors, mid tiers and juniors.
Not sure how much more iron ore the world needs.
Ive somewhat derailed the thread and apologies for that, but I do believe that FMG is very leveraged to China as its so concentrated on iron ore.
Jeeper, I run the risk of being pedantic and showing how little...
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