Fortescue sells lower grade ore which means less revenue per tonne and more importantly significant discounting to the prices received by Rio and BHP. Fist curves are typically normalised to 62%fe to take these factors into account. And perhaps you missed the recent speculation that cloudbreak may be closed?
Fmg is nowhere near Rio and BHP when it comes to operational profitability - which is excluding debt from the equation.
Who will be the first to benefit when ore turns, page-40
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