why the future is looking very bright

if you want to read a couple of good articles re i/o, go to marketrealist.com, below is a snippet from one of them

What is clear from most of the analysists is that FMg is under valued at current s/p and nearly most have a +$7 tag - IMO the reasons are clear..

"Running out of quality iron ore"

But China is also running out of high-quality iron ore mines (see the bottom left chart above). While iron ore output has soared since 2011, the actual amount of iron that could be refined has fallen. Excluding the spike in 2011 that was driven by higher iron ore prices, adjusted iron ore output has trended sideways.

Last year, China’s steel production grew 9.2% on an annual basis, while iron ore imports grew 10%. Investors might think that restocking activity could have contributed more, but recall that the first half of 2013 was relatively weak for the iron ore market, which could be attributable to uncertainties regarding the property market and a period of lower economic growth.

Cheaper seaborne iron ore

With iron ore prices forecasted to fall as new supply from cheap producers such as Rio, BHP, Vale, and FMG come online, some Chinese miners will become uneconomical and be replaced. Prices for iron ore are already $15 per metric tonne and even more expensive than the seaborne market