Wonder why we are looking so sad,...

Wonder why we are looking so sad, when:

http://www.theaustralian.com.au/business/mining-energy/iron-ore-in-for-good-times/story-e6frg9ex-1225972601090

IT looks like a great time to be gearing up for iron ore production.

Reports overnight quote Citigroup analysts saying seaborne iron ore trade will grow by a further 35 per cent through to 2015. That means 1.3 billion tonnes on board bulk carriers each year, compared to the present 964 million tonnes.

Earlier this week, we saw IMX Resources (IXR) announce the first consignment of 62,500 tonnes of iron-copper ore from its Cairn Hill mine was being loaded at Port Adelaide.

This morning Carpentaria Exploration (CAP) more than met expectations when it announced a 1.4 billion tonne maiden magnetite iron ore resource from its Hawsons project near Broken Hill.

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* IMX exports first Cairn Hill ore Adelaide Now, 7 days ago
* A good drilling day The Australian, 20 Jul 2010

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Shareholders who have held CAP have done well this year. The stock closed at 10.5 on December 16, 2009, and this week hit an intraday high of 82c.

Early trading at this morning?s open hit 89c.

The resource has a contained iron concentrate of 220 million tonnes magnetite at a premium grade of 69.9 per cent with no significant impurities.

The company says a pre-feasibility study will be due in early 2011 targeting an initial open pit with a mine life of at least 15 years. Production will start at the rate of 6 million tonnes a year, ramping up to 20m tonnes.