Ann: Annual Report - Glossy, page-8

Have a look at macrobusiness.com.au. There is some good information that is on the free-side of the pay wall.

These guys have been the most accurate and earliest to call the iron ore collapse. They are now stating that with the excellent rear guard action being taken by FMG (that could likely result in political action that keeps them solvent for some time via all sorts of potential subsidies / regulations) that iron ore prices could get to the low $20's high teens to clear the over supply (i.e. FMG and everyone above them on the cost curve).

Cheers
John