I don't think ARI will breach any debt covenants as long as they...

I don't think ARI will breach any debt covenants as long as they manage their large Steel and Consumables businesses well and incrementally increase margins. Mining is obviously going to be an anchor, but they have detailed the plan to minimise the drag. They could even mothball more pits ifthe IO price drops further.
The continued fall in the AUD will assist Steel and Consumables businesses.
I anticipate they will be able to service their debt.

FT