Ann: Quarterly Activities Report, page-12

Re: IO price google Vale. Purely supply side disruptions driving the price. Once Vale brings their tonnes back online which they are starting to do look out below on IO prices. Look at the fwd prices:
https://www.cmegroup.com/trading/metals/ferrous/iron-ore-62pct-fe-cfr-china-tsi-swap-futures.html
$35 drop to Jul next year and another $25/mt drop forward 1 more year.

Certainly mines would drop off in a lower zinc and higher TC scenario - ones with limited by-product credit, ones that have taken on debt, technically challenging.

Happy to take a bet that both iron ore prices and zinc prices will be 20% lower in 12 months time.