$27.50 does not take it to 50% of its peak last year.
One mine closed, another soon to follow.
Iron contracts to be signed this year at a much reduced rate from last year. There was talk it would be at 2007 levels, but with each passing month this looks to be a hopeful estimate.
More mines reducing output as prices stay a depressed levels.
So with total turnover to be way down on last fin year, and profit on that reduced output down as well I think $27.50 is way too high.
Compared to RIO which is down 65% from it pre-BHP high is much closer to where it should in fact be.
$20 would be a better target for BHP given where this year is heading.
$27.50 does not take it to 50% of its peak last year.One mine...
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