Ironstone is the ancient rocks that iron was originally mostly...

Ironstone is the ancient rocks that iron was originally mostly made from in Europe at the start of the iron age. It is very dirty with lots of impurity and not generally used in modern iron production (though may be again someday when the haematite and magnetite run out).

The chief problem for MDX is they are a long, long way from production with a good couple of years of drilling before even planning a mine. Their production timetable will be putting them into production no early than about 2012/2013 - when ore prices are predicted to be falling sharply due to dramatically increased supply from the majors.

The last companies that might beat this fall are now finalising resource estimates and planning mines to get construction underway within the next 12 months.

MMX/MIS/TTY/GBG should make it (already producing), AXO/AGO/UMC/BRM/POL/CUL will likely be OK along with a few others closing in on production. The rest will be unlikely to make it unless they JV with a major in the very near future.

Those relying mainly on magnetite are stuffed.