Ann: Rights Issue Closure and Shortfall , page-15

I agree with you nose. I've said the same thing for many years. Iron ore is over and any project over $50/t cost is dead. Only big producers like bhp, rio, vale and fmg will survive. The problem with iron ore is you need massive production to get cost down. Fmg shares my view as well. IMHO is if you cannot produce 50 to 100mtpa you cannot compete aggressively. Look at ROY even with transport and low cost, market cap is $10m for almost 4 billion tonnes.