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every iron ore mine in the world has been selling on the spot market and the china buyers have lots at the moment. they have been hoarding for months. thet are putting pressure on to reduce spot prices. They will succeed to some degree.

mmx not greatly affected by this due to small vol being shipped.

imo mmx is being shorted with borrowed shares. just watch the buy vols at 4pm market close. They are being accumulated at bargain prices. It has been going on for months & will continue for months yet. I expect a push down to 2.70 and then a rise to about 3.10 before another sell off of borrowed shares. now heavy cap at 290

also some panic selling

mmx has no debt, substantial cash reserves, reasonable quality ore, is mining and shipping small vol, and has infrastructure and strong and wealthy partner.

imo short term pain will continue for a while yet.