found this ..., page-5

they attribute $1.00 to the magnetite project alone? wow :-) I would love to get hold of that report can anyone access it and maybe email it?

More news re price negotiations, Chinese premier says let the market rule, good news. N Korea eh they would be crazy not to look around given their demand, probably raised this prospect now in a last attempt to keep price rises reasonable??

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AFX News Limited
China to get iron ore from NKorea - report
04.03.2006, 03:25 AM

BEIJING (AFX) - China will look to North Korea to diversify and expand its supply base of iron ore, Steel Business Briefing reported, citing a source close to the matter.

It did not provide further details.

China has been looking to increase its suppliers of iron ore beyond the world's three largest miners, which currently account for some 70 pct of China's imports of the commodity.

Baosteel, representing the Chinese steel industry, has been in talks with Australia's BHP Billiton Ltd, Rio Tinto Group, and Companhia Vale Do Rio Doce since late last year to set iron ore contract prices for the year to March 2007.

While China has been calling for a cut in 2006 iron ore prices, the three mining companies have been seeking increases of at least 20 pct over last year, analysts said earlier.

Baosteel's recent price hikes are putting pressure on China's steelmakers to agree to an increase in iron ore import prices in the ongoing negotiations, the report said.

Earlier this month, the Ministry of Commerce said it 'will watch closely the progress of the iron ore price negotiations. If an unreasonable price that is unacceptable to the Chinese side (is) put forward, the Chinese government (will) adopt necessary measures to keep the interests of the country and its enterprises from being damaged.'

Chinese Premier Wen Jiabao today said in Australia that iron ore prices should be negotiated between suppliers and steel mills on a commercial basis.