Job cuts, page-14

Hi Rcman, you sumed it up nicely.

When spot price nudges up near $80/T and AUD reaches $US 0.82 JUST in anticipation of one rate cut (2 IBs forecasting 2 cuts next year),  then you are looking at $AUD 97.5 spot price.

AGO re-rating will then become a money losing enterprise to a profitable enterprise.

You are looking at short covering on Ben Hur scale.

BTW, Vale is looking at a potential spike above $100/T in 2015

http://www.hellenicshippingnews.com/iron-ore-giant-vale-sees-rebound-as-glut-squeezes-mines/