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Ann: Managing Director Company Update, 121 Conference Cape Town, page-59

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    TNG have an agreement in place for their Iron Ore pellets - pig iron.

    It's having a bull run & Goldman Sachs are jumping on the band wagon including this assessment

    "As a consequence of Vale’s problems in Brazil — we’re going to see not only a shortage of iron ore but a shortage of pellets."

    From the article below
    http://www.mining.com/web/goldman-biggest-critic-agree-iron-ore-finally/
 
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