When spot price nudges up near $80/T and AUD reaches $US 0.82 JUST in anticipationof 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