Mate I bought these iron juniors just like you. I sold out 18...

Mate I bought these iron juniors just like you. I sold out 18 months ago though, the writing was on the wall. I still lost a packet though.

The banks were protected in the GFC because they are too big to fail. A tiny iron ore miner such as AGO is not. A couple 100m lost to the banks is nothing. The point is another global supplier will replace AGOs lost tonnes: Vale, Bhp or Rio. Heck, even FMG is partly responsible for this oversupply... It added a huge amount of low grade ore into the market.

I know it sucks seeing a once market darling in the gutter, but these are second class producers, boom time stocks. I use to own AGO too, just like every other punter. Almost every single iron ore stock that wasn't taken over has lost investors money. It says something.

With this mining busy what does Australia have left? An expensive housing industry? Whole economy is in for it I think.