Ann: Quarterly Activities Report, page-7

Yeah iron ore is getting smashed, FMG down 8%. To put TI1's position into perspective, they have 500000tonne ready to be sold at the gate. That is a very valuable asset given the increase in local mill sales. So if IO crashes they can still maintain their position and even possibly deliver a dividend, but unfortunately might need to wind back production for a bit. The good news is that we don't have to give the stuff away by incurring massive shipping and transport costs. I'm still hoping for a local mill offtake agreement and if iron ore, 65% grade, heads back to $150 we will be flying