Ann: Becoming a substantial holder, page-21

I know all about iron ore. The discount is even higher than 25% for FMG.

Look back further, the spike of iron ore over $100 or even $60 is high for historical standards. Iron ore for the most part has always been $10-$20. So iron ore travelling at $60-$80 as it is now, is still high. In fact very high. The entire iron ore industry including BHP/RIO has inflated costs at $40 plus a tonne, it fell off a cliff industry wide the moment coal and iron ore tanked.

I’d argue the current iron ore price is still booming, the margins made by the majors and even FMG are huge. It won’t last, and I’m saying this given I hold RIO and BHP!

But yes, STO management were shockers, not doubting that. 2 huge capital raisings which diluted holders over 100%. We sold out at a large loss for prices we paid for shares back in the 1990s (you know pre the biggest inflation boom the world ever saw in commodities/housing/stock market). Shame on you santos!!!