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Iron Ore Slump Claims First Victim.; More to come.
Topic Started: 8 Sep 2014, 03:24 PM (1,913 Views)
Perthite
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http://www.watoday.com.au/business/mining-and-resources/big-business-names-hurting-as-iron-ore-slump-claims-western-desert-20140908-10dsps.html

If the Chinese support their ore industry then it will be our mines that close.
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newjez
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Perthite
8 Sep 2014, 03:24 PM
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"But nobody can anticipate a fall in the iron ore price from $US136 a tonne when we opened the mine in December to $US84 a tonne," said Mr Allert, who owns about 4 million shares.


Really? I thought it was bleeding obvious. I thought it was only fools like skamy that didn't see this coming.

You are right, the big question is what China will do. That I guess, will depend on their long term plans.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Sydneyite
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newjez
8 Sep 2014, 04:19 PM
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Really? I thought it was bleeding obvious. I thought it was only fools like skamy that didn't see this coming.

You are right, the big question is what China will do. That I guess, will depend on their long term plans.
Yea I read that quote in another article today as well! The price was $90/tonne and heading south a year or more ago before they opened their mine in Dec - they should absolutely have been factoring in the risk of an iron price sub $80, and invested accordingly. It was surely obvious that prices would fall as increased capacity from the big miners came into play as well.

Sometimes I think about buying speculative / junior mining stocks, but then I take a bex and have a good lie down, usualy after that I feel better. This is why! They often have clueless boards and management.
Edited by Sydneyite, 8 Sep 2014, 04:27 PM.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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Jimbo
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Sydneyite
8 Sep 2014, 04:26 PM
Sometimes I think about buying speculative / junior mining stocks, but then I take a bex and have a good lie down, usualy after that I feel better. This is why! They often have clueless boards and management.
Junior miners can pay astonishing returns but so can the number four horse at Flemington.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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GloomBoomDoom
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Sydneyite
8 Sep 2014, 04:26 PM
Sometimes I think about buying speculative / junior mining stocks, but then I take a bex and have a good lie down, usualy after that I feel better.
You probably don't want to take that bex though.

http://www.news.com.au/national/cancer-council-nsw-bex-powder-killed-more-than-pain/story-fncynjr2-1227041736061
MSE
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lulldapull
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whats the chance Perthite that timmy became a victim last year too? :lol

Must have been so embarrassing to be out the door after a long stint with one of these shit bag small caps......... :lol

The icing on the cake is that for uneducated tradies who argued with me about Aussie economic and project prospects/ outlook have all been busted right in the ass. :lol
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lulldapull
8 Sep 2014, 05:58 PM
whats the chance Perthite that timmy became a victim last year too? :lol

Must have been so embarrassing to be out the door after a long stint with one of these shit bag small caps......... :lol

The icing on the cake is that for uneducated tradies who argued with me about Aussie economic and project prospects/ outlook have all been busted right in the ass. :lol
Record shipments out of the Pilbara, is that what you forecast?
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Perthite
8 Sep 2014, 03:24 PM
Don't the chinese only produce 50% of their own iron ore? If 50% of the market was turned off the spot market would go insane.
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Perthite
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8 Sep 2014, 09:32 PM
Don't the chinese only produce 50% of their own iron ore? If 50% of the market was turned off the spot market would go insane.
You willing to bet on that one?
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Perthite
8 Sep 2014, 09:37 PM
You willing to bet on that one?
So you think the chinese will slash their steel output by 50%, that is what you are saying. And if they do that then it means all their industries which use steel will take the same hair cut.
A quick google search shows their iron ore mines employ about 700,000 people compared to about 2,000,000 in the steel industry. It also shows they are implementing strict pollution controls which favour low ash iron ore, which their own raw materials are terrible for.

What you are proposing sounds like a very unlikely scenario.
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