For Iron Ore think they'll have to go after the juniors...

For Iron Ore think they'll have to go after the juniors otherwise they are quite fully priced. Could do alot worse than looking at:

UMC - looks to have one really nice resource in the bag and plenty of high quality targets. Production starting late 2009. Hopefully they leave us alone.

FRS/WRK - if they could get these two together, they'd pretty much control the developing area south/east of Newman, could build a spur line to Xmas creek and link up with FMG's line. Production should be able to begin with a 2mtpa trucking operation late 2009. FRS targeting 10mtpa.

Agree that MCR are a great option in the nickel space, currently discounted by the market due to not having long mine life guaranteed by fact that they incementally increase their resource as the go lower in their mines. Only question mark is what they could add that the current management aren't already. Targeting 20mtpa/20yrs.

But I'm probably biased as I own UMC,WRK,MCR

Also maybe look at JML or CMR?