Ann: Iron ore price realisation guidance, page-7

35% discount for the "FULL YEAR"? So first half was 32% discount so we expect discount to blow out to 38% in the 2nd half of the year?

That's why FMG needs to get their IO to 60%+, and tell us how much it costs and when, not just saying they are going to do it.

Now if 38% is correct, and all things equal to H1, and we assume IOP 62% is average US$70, the H2 NPAT will be around US$470M or EPS 19.6c.

FY will be:
- NPAT US$1150M
- EPS A48c

So for PE of 10, SP doesn't look too expansive, but sentiment is negative ATM, FMG really need to release some forward plans for growth soon.

DYOR.
Frank.