"Iron Ore is going to be down for some time"... That's not what...

"Iron Ore is going to be down for some time"...

That's not what most pundits believe. The stockpiles that have been built up over the last few months (as the well documented glut of supply came onto the market) will diminish by the end of year. In addition, high-cost miners are leaving the scene as the depressed prices makes them unprofitable...thus creating a future squeeze on supply. It's classic cyclical price movement.

Again, why on earth would management mine now and try to make "X" amount of profits today, when:
1) they have good reason to believe they will make "X +" profits later in the medium term;
2) they have an unresolved court case, where the appellant could seek a stop-work injunction against them were they to attempt to begin mining;
3) they have no finalised off-take agreements, and would struggle to make one (due to the outstanding court case);
4) they have no short-term need for cash, as the other assets (particularly the flagship tin and tungsten) are still in the approvals stage; and
5) the court case will be resolved in November.

Why oh why would anyone try to mine a small iron ore asset under these circumstances?

This is a stock for patient investors looking for Disallowed+ returns in the long term...expectations should be moderated to fit this time horizon.