Fortescue's Andrew Forrest calls for iron ore production cap
26 March. Article by Lisa Murray.
Google Financial Review story and read more.
Points noted from article:
Forrest called on the world's big iron ore companies to announce publicly a cap on production in a bid to arrest declining price.
Forrest "absolutely happy to cap production right now" at 180 million tonnes."
Rio Tinto, BHP Billiton and Brazil's Vale should also cap their production "and we'll find the iron ore price goes straight back up to US$70, US$80, US$90."
Forrest putting challenge out there to cap production right here and start acting like grown-ups.
Gees. My opinion but finally a miner makes sense. Majors listen up and put down your tea cups.
Shorters in these forums can now pack their packs, fill it with cash and get stuffed. You've had your fun. Its about time someone is making sense and willing to cap production. If Rio and BHP don't join in for the sake of the IO industry its totally irresponsible and should then be reviewed by ACCC and WTO. IO games are finishing, downramping party is over, turn off the song 'Hey shorty its your birthday', clear the dancefloor and let's get back to reality people. Common sense is prevailing here. Government needs to back this strategy NOW and the country's surplus will become a reality again. Win win for all...... Accept shorters.. Duck for cover............i hear bulls coming.
AGO Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
