I wish there was still at least an eye on the IO, page-8

Good thinking Tarski. Arrium has cut back Southern Iron (Peculiar Knob) and Wirrida processing site.
PR extract:
"Arrium will also mothball its Outer Harbour operations at the Whyalla port with the Inner Harbour operation catering to the lower volume exports.
Exports will fall from about 12.5 million tonnes of 60 per cent iron to about nine million tonnes of 69 per cent iron."

An issue (partly political) is that there is no loader at a big ship berth at Whyalla.
As AGO has demonstrated at Port Hedland south, the tyranny of  distance and port problems can be overcome.
IMHO Arrium is doomed because of the perception you can't run heavy industry on windmills and mirrors. But that does not hinder export potential - and there is ship loads of fe within trucking of Whyalla; including of course Wilcherry.
The beauty of IO, as you obviously appreciate by your wording - you can dig it up and sell for cash.
Self financing a cash positive operation - it's a goal worth working for.