What is the limit?, page-23

Spot on. And please note that here we're talking about pollution emission cuts - something that will make a real difference to China's air - not that green-left climate nonsense.

Benjamins makes the case against, and historically magnetite may well have struggled at times, but IRD claims that it has Magnetite Gneiss, not the Banded Iron Formation predominant in WA, it's coarse-grained so upgrades easily, and it's sufficiently high quality not to need to be pelletised. Unfortunately, it doesn't give a break-even price.

But it looks worth a punt, anyway.