What is the limit?, page-24

I don't buy the argument this will get up because of pollution emission cuts in China. it needs to make sense financially and thats the bottom line and i struggle to believe any magnetite mine will do so in current pricing environment. even though this magnetite is different and coarser (yes it will be easier and less costly to process in theory) I bet the total costs will still be significantly higher than what they can get. i'm staggered anyone would stump up $4B on capex on a marginal project at best in current environment. Chinese are quite savvy and won't waste money even though they seem extremely keen most of the time, but when it comes to the crunch they baulk. have seen this many many times.