I'm sure they will survive unless you think China is going to...

I'm sure they will survive unless you think China is going to become a basket case economically which doesn't make sense to me.
They can still make good money but they're going to spend capital for the underground development in North Pit which they've already got in the bank - this should and will be their immediate project going forward.
Renewing their environmental licence for Southdown doesn't mean it'll go ahead anytime soon - should be on the back-burner for at least another five years IMO but this is the great unknown and wouldn't surprise me if they eventually pick-up a partner to help with the development and financing.
It's really unfortunate they decided to pay those two 10c dividends as all that did was to send the wrong signal to the market and put their capital position at some risk if there is a much lower iron ore price for a period of time.
I can see dividends being resumed next year given today's iron ore price but in the meantime at what share price does this eventually settle? Good question? That's not my expertise I'm afraid - all I can do is stick to the accounting side of things and hopefully that puts some of us here in front of the market in terms of near-term results.
I only have a very minimum position currently so will be looking for an entry point at some stage.