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