Mount Mason doesn't need iron ore at $200, this was an anomaly...

Mount Mason doesn't need iron ore at $200, this was an anomaly that is now correcting.
I don't expect the fall to continue much longer though. Rather than weak underlying demand, it is driven by China reducing steel output to cut carbon emissions. This will lead to an unacceptable increase in steel prices, as the underlying demand is still there, and I expect steel output will be increased then.

Note the 2011 scoping study for Mount Mason used a $110 price. Operating costs were at $46/t and that included the transportation by road (with $35/t + of transportation). By the way, transportation is partly road, partly rail. It's not entirely road to the port.
Overall costs this time around should be higher than the $46/t to include the contracting element, but it's wrong to think that you need ultra high prices to make the project work!