whats going on, page-107

Not sure about the "tenements", but as far as measured/indicated/inferred resource of iron ore, I think you'll find they have enough left for a couple of years.

From the 2014 production reserves report still about 25 billion tonnes in total roughly mineral iron ore resources in its different raw states in the Pilbara (Of that only about 9.5B tonnes is 100% owned through HI and the rest JV's) and this is not including about 3.5B tonnes in IOC or Simandou.


http://www.riotinto.com/ar2014/pdfs/production-reserves-and-operations.pdf

Cant agree that Andrew Forrest FMG is the "Smartest" either, and the only kindergarten action I've seen in the industry in the last year or so was that Cringe worthy moment he asked for everyone to cap production.. Ouch.. there goes some business credibility right there.. Don't get me wrong, I'm an AF supporter , and no matter what any one says, he is a charitable bloke and done more for WA than most people ever will.

Good luck with your FMG investment, I hope that things play out well for them as I have friends in the industry working/contracting for them. Unlike many others, I don't see debt as the biggest issue moving forward, but one of the unknowns that no one seems to discuss is the quality of the ore and the tightening pollution restrictions in China. If Beijing decide to get really serious about their pollution problems, and the iron ore market keeps deteriorating, then lower quality ore with high impurities will come under even more pressure given it's greater impact on local air born pollutants from smelting.

Good luck everyone.