US$75 p/t for 58% fe. Probably why the company brought out the presentation hinting at possible acquisitions.
VMS has suspended operations after loading their first vessel, so low grade fe is not really profitable at these prices. There is currently a 30% discount for 57% fe to the 62% fe price.
The company can only control things from their end and be mine ready for whenever the market next turns upwards again and focus more on some of the other projects.
Even established miners are copping a hiding. FMG down around $11 in recent times to $15.27
Iron ore price, page-5
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