high grade iron ore under 3 dollars per ton

Yes, the headline is correct you can either collect from Railway tenement in the Pilbara or buy UMC shares if you don't want to take delivery.
At current price UMC has a market capitalization of approximately $323m, given they announced a JORC of over 110 million tons of high grade iron ore (refer Monday's ASX announcement)this works out to approximately $2.94 per ton valuation in the ground.
Sorry to say it, but I couldn't resist buying a few more today at these prices.
The financial markets are dealing harshly with financials & leveraged situations, but what can they really do to unhedged unleveraged high grade commodities in the ground? Perhaps they may postpone their buying by a year or two, but the iron ore is not going to get any cheaper waiting, when there is inflation creeping into the system.
Patience with unhedged, unleveraged high grade resources in the ground will be rewarded.
Cheers
Buffett
PS Scrap metal dealers can buy a umc share for $2.20 & effectively own 3/4 of a ton of high grade iron ore with no storage costs & little risk of thief!