Yes granted.
According to report 13/10/08 FMG will spend all the cash reserve in the next 6 months on development.
$300mill in prepayments means that in the last 3 months the operations have operated at a loss.
Where is the money to upgrade to 80mta going to come from? Over and above the cash?
The interest payments are no longer booked to profit/loss statements but will effect cash flow.
There are alot of what-ifs which I will not go into even though they back up my statements more than yours; but the greatest what if is:
What if they upgrade to 160Mtpa? They haven't it is 45Mtpa.
sub two dollars tomorrow, page-20
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