This is the first real read on the ramp up of FMG's operations and the numbers filtering through show the strength FMG has seen over the past six months

This is the first real read on the ramp up of FMG's operations and the numbers filtering through show the strength FMG has seen over the past six months. With an average iron ore price at US$124Mt and an AUD at 90 cents, the stronger-than-expected EBIT numbers shows the capital management of the past three months coupled with C1 cash cost falling by 34% to US$33 a wet tonne is providing FMG with a boost in credibility. The ramp up of its Kings Development project and seeing first shipments in November, coupled with the Christmas Creek project, will see the long awaited 155Mtpa run rate being reached. What is very supportive is the rapid increase in the dividend. The $.1 dividend suggests the boards increased confidence in the ramp up of debt and cash costs reduction and is also a positive read on FMG's outlook for China. From @evanlucas


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