Did you blokes ever bother to check the sales figures and then add up the money received? NSL/IOR most likely only received 50% of the money. for the iron ore they sold, either that or they were selling for 50% under production costs.
Only a fool would want to try and beneficate iron ore in India, and doing it in Australia is utter madness.
Indian miners basically only target high grade iron ore, low grade is just left in dumps. Nobody wants it, too expensive to process.
Iron ore pelletizing is the only accepted method for producing a valuable saleable product from lower grade ore. Indian companies are already doing this and they're good at doing it.
IOR would be better to look at manganese ore, benefication is worthwhile and Indian steel mills and smelters desperately need Mn ore. Currently importing most from South Africa.
IOR Price at posting:
6.9¢ Sentiment: Sell Disclosure: Not Held
