Excellent review on FMG Bear77, a couple of things to note:

Twiggy is having a bit of a bun fight with some of the ancestral owners which is a bit of a distraction, but ultimately will come out in the wash when clear heads prevail.

Secondly, companies like the big 3 here in WA have such low cash costs that they will always be profitable as when supply thins out for whatever reason, the high cost producers pack up shop and the supply chain reduces. This is like a float valve which normalises things. We saw a few small WA iron ore miners moth-ball things when the prices hit $80, but are tending to come back online now. It's a lot easier to shut down a mine that blasts holes in the ground and use capital equipment which can be parked up, vs a process business with a whole different set of issues to easing supply and building it back up.

If the price of iron ore was only U$50, FMG would only be making 70% margin......oh dear, get my hanky out...NOT.