Stand back from FMG, says Argonaut's Irvin, page-215

As part of today's half yearly report presentation, I hope they announce:

- further cost cutting measures
- operating efficiency targets to reduce costs further
- strip ratio reduction
- concentration on higher grade ores

Above all I hope they are in advanced talks with their lenders to restructure loan terms and in particular revised loan repayment dates.

The debt issue is as important if not more so than the IO price.

If a dividend is announced the sp could go either way, some will say that foolish to pay a dividend now, better to conserve cash or pay down debt.

Others will view a dividend announcement as a sign of confidence by managemt and the directors.

I do not believe they will have impairment issues, the companies that have had impairment write-offs had in the main purchased the assets of an existing operator and paid too much for them with hindsight, similar to RIO writing off $30.0b plus on the Alcan purchase.

FMG on the other hand built up the assets and no premium was paid or reflected in the accounts, the capital assets and mine reserves have maintained their value imp.

Good luck to LT holders today, we deserve it I believe.

If only we all had bigger kahunas and bought more last week at around $2.00

The Capital Trust (5.00)% is taking it in, plus chance of a dividend, someone at the Trust due for a bonus