OK, I will take the bait and reply. FMG is under no pressure to...

OK, I will take the bait and reply. FMG is under no pressure to do a deal based on their numbers. Net debt did not change in the 2015 FY because they were completing their major cap ex (eg. 5th berth was completed in the Mar qtr). They also were caught in 2015 with the sharp fall in IO price while their cost reductions were catching up. With only sustaining cap ex now required (until they buy some ships next year adding further to their asset base and reducing costs) their free cash flow enables them to attack debt. eg. US$600 million net debt reduction in the Sep qtr. If the markets continue to worry about China and their debt trades at a discount then they can buy back debt at an even faster rate.