not the end but new beginning, page-13

sure the chinese don't want a cartel, but the chinese are also the ones that are squeezing the life out of the little guys aren't they? they are focrcing them to accept the spot price as the guide on time of delivery as they hedging it will be even lower then.. maybe when they are about to turn off the lights they will act as a white knight for some mines, i would think there might be a handful of mines on care and maintenance by then they can invest in as opposed to a greenfield IO mine, which IMO i don't think we'll see any start up in this country in the forseeable future..

having ore in the ground is no advantage whatsoever, IO is everywhere, with the big 2 adding tens of millions more 62%Fe to the flooded market i'd expect the discount to lower grades to widen further.. FMS needs approx ~$1B (if you add some contingency in) to open a new greenfield IO mine.. if you think someone is going to hedge now that in 18 months time all will be rosy so here's ~$1B on semi favourable terms to open a new IO mine you are the world's greatest optimist..

no one predicted IO would go this low, most pundits are embarrassed by their 2015 price predictions but the chances of it staying low are far greater than any miraculous recovery, you still need to add in Gina's MT's to hit the market..