re: breakout I'm not sure today's action indicates anything...

re: breakout I'm not sure today's action indicates anything other than an oversold SP and a prospective 19% rise in the IO price.
I notice no-one seems keen to make any commentary on this morning's announcement.

For what it's worth my reading between the lines is as follows: (my opinion ONLY)

Extension Hill hematite aiming for oct 07 production (big leap forward) coupled with a resource upgrade.

3mt/annum on existing hematite now sometime 2H06.

Shougang decision now appears to be held over (again) with the possibility of a decision by Oct 06. Pellet plant go ahead now appears the first possibility.

Note phrasing indicating

"Costs, approvals, construction schedules and risks differ significantly".

I would think this lends more weight to a pellet plant go ahead while negotiations over magnetite continue WITH or WITHOUT Shougang.

If my reading is accurate perhaps not what we wantd but still coupled with possible production of 8Mt within 15 months plus the options on pellets and magnetite then SP should rally ahead.

My opinion only. If my reading is wrong I'll be the first to applaud. Actuall presentations will tell more I suspect.