Fortescue was correctly priced at 3c back then. Its plan was to sell a substantially inferior product which was more expensive to produce than any of the established major players, to a market saturated with that commodity.And it had no money to put that plan into action.
You tell me - in which market economy can any business that tries to raise capital selling that kind of story succeed?
The only reason Fortescue didn't turn out to be a flop was because China's GDP growth rates went from average to spectacular, in the process creating a new environment where consumers no longer cared about things like product quality and cost.
