If I was Morgan Ball.....

IO price dropping,Roy Hill starting up soon, BHP and the rest all increasing production, world wide IO glut - next thing the sky will be falling....

Nothing that little BCI can do will change these very powerful market forces, so maybe it is BCI that needs to change in order to adapt to the changing market?

If I was MB, I would look at a strategy that would deliver the best advantage to the long term investor. The two biggest obstacles BCI faces at the moment are low ore prices and short mine life....

If MB tightened the purse strings, and halved the output. This would have the effect of doubling the mine life and still generate enough money to see BCI through this "difficult time".

Lets face it, none of the IO companies is going to make a huge profit over the next couple of years anyway, so maybe BCI should save its IO reserves and not declare any dividends until all the weaker companies go bankrupt and IO prices improve.

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At this point I am not holding any stock but at these low prices I am planning to buy in again because the sky won't fall and I believe BCI still has a bright future ahead.