It's not just low prices which are the problem, as coking coal in East Coast Australia is finding, getting new mines into production have serious impediments from activists
Even if demand recovers, getting past the green lawfare is a serious obstacle. Heck a silver mine in Guatemala (Casabel?) has been closed temporarily by activists bringing a supreme court injunction last year against the govts approval, due to a lack of consultation with native Indians.
It's just become standard around the world, supply response to price signals is becoming blunted. Otherwise how do 3 miners make so much out of iron ore, it ain't that rare
Ann: Investor Presentation, page-22
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