The rail cost and port has always been a pipe dream that require super confidence that IO price is on the up trend. All that petered away post GFC into a sustaining price instead of growth in the price. Hence even big boys are struggling with their growth and cost cutting was the way to maintain margins.
Lithium is another bubble that started before IO in early to mid 2000s.
Ann: Annual Report to shareholders-SDL.AX, page-89
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