Overall, FMG beat expectations, with its dividend being the highlight of the report (significantly higher than expectations, with a payout ratio of 77%). Its outlook is neutral/slightly bearish, with production numbers not expected to change much from FY20, its C1 costs to increase from US12.94/wmt to US$13-13.5/wmt, and its capital expenditure to increase from $1.97 bn to $3.0-3.4 bn.
