It would if production costs less than $100/t...
We will still see new IO mine come on line, even at today's prices. You have highlighted the key variables - very large and very high grade.
IO is a logistics game, as it was pre-naughties and as it is yet again. BHP, RIO, FMG and Vale have all made massive investments into their logistics - rail, port, rolling stock, etc... These companies will reap the long term rewards as their investments are long term, plus 25 year horizons, not 2 or 5 years of boom.
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