The one thing that never changes as the iron ore price falls is the bullishness of the Australian press on iron ore miners. The two I have in mind are RIO and FMG and there is virtually nothing of coverage today that makes any sense at all.
On the one hand we have FMG busy increasing its debt, a sure sign that it’s in deep trouble vis it’s program of deleveraging but the coverage is all glowing. Bartho at Dad’s Army is typical:
After its flirtation with something unpleasant in 2012, Fortescue has focused intently on reducing costs and lowering leverage and risk, with considerable success.
