some gems lost in the fine print

For those who are feeling a bit down today here some gems to remind you why FMG will see this storm out.

Gem one-

Fortescue’s C1 cost is expected to range between US$45 and US$50/wmt for FY13. Once fully operational, C1 costs at Firetail and Kings are expected to be in the range of US$25 to US$30/wmt putting both deposits in the bottom quartile of the global cost curve. The scale benefits of adding these low cost tonnes is expected to significantly reduce Fortescue’s overall cost of production to around US$38 to US$40/wmt at a fully operational 155mtpa run rate.

That is almost as good as Rio's. Their new toys are better and faster.

Gem Two

Fortescue continues to engage with customers in anticipation of the introduction of Fortescue’s new upgraded product
(58.3% Fe), ‘Fortescue Blend’, during the June 2013 quarter. Product samples have been dispatched to customers in Japan,
Korea and Taiwan, with full vessel trial cargos shipped to key customers in China. Customer negotiations continue to progress positively and support Fortescue’s increased production to 115mtpa and then 155mtpa.

Chasing the market share.....what does everyone think they were just going to sit on their hands and be content with China alone.