On the downside, recent pullbacks in iron prices out of China have resulted in further delays to the Wilcherry Hill iron ore project. Prices at around $US90 at current exchange rates have had profound effects on many existing and developing iron ore companies around the world.
The joint venture partners (IronClad and Trafford) have been working tirelessly to reduce the cost of production in order to overcome this new challenge. With a little help from both state and federal governments and the introduction of revised and optimised mining and shipping plans I believe success is not too far away. Of course, a return to +$US110 prices and a softer Australian dollar would not hurt either!
None of this inspires me with confidence. GM.
TYX Price at posting:
29.0¢ Sentiment: None Disclosure: Held
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