GoNuke, the prizes Sino snapped up in Australia all turned out...

GoNuke, the prizes Sino snapped up in Australia all turned out to be poison chalices for china. Sino-CITIC (Clive Palmer Special) is now said to NEVER be able to recoup the capex in it's entire mine life.

The Chinese have learned the hard way that low-grade magnetite in a high-cost environment is as good as cyanide.

What's worse is that the Chinese scare campaign last year durng the destocking stunt when they momentarily depressed IO spot price to $85/T has backfired.

Numerous marginal and higher cost IO operations world wide have erither been mothballed, canned and unable to obtain finance for commencement or expansion. This result in hundreds of millons of tons of supply being killed that otherwise would come to maket in the next 3 years.

The Chinese tried to send a message to Australia and Brazil and the Big3 that China can dictate IO spot pricing (for just a few weeks) until it couldn't hold her breathe as China was running on IO dust. Spot price quickly overshot to $160+/T and the NDRC (being humiliated) went on a mindless rant with attacks on the IO miners at theor website.

The Big3 didn't have to lift a finger to snuff out other suppliers (China did it on her own with the oversupply media scare campaign) all the while the cartel enjoyed high spot prices.

After baiting China with media releases last year that prices would fall (egging the Chinese on to scare the daylight out of IO industry), now the cartel is slowly dropping hints of going slow with expansions to engineer a IO supply SHORTAGE.