solid bids forming, page-12

the risk for TRF and the other early stage magnetite producers is that they will miss out on the current spike in iron ore pricing. The market looks strong for the next few years but the big 3 (CVRD, RIO & BHP) are ramping up to fill the supply gap . And then of course FMG has big plans as well

Iron ore pricing may well fall from spectacular to the very good at this stage, not good news for the higher cost low tonnage magnetite players.

TRF looks to have a better resource than its peers, but its early days.