Whilst I am surprised that the price has fallen below the...

Whilst I am surprised that the price has fallen below the relatively recent oversubscribed placement of 65 cents, I would suggest that this is not a company specific issue.
There may have been problems with getting the ore to port but this cannot be completely unexpected since it is the wet season.
The development of the mine was still very quick so I think a little more patience could be afforded the company and its management.
The assets remain very compelling with very high grade ore and the cost of production (around 1/3 of the average WA producer per million tonnes) is still very low.
With a substantial resource base and the ability to turn the resource into cash at a healthy margin, buying in at these prices is attractive.
Yes, the price of iron ore has fallen from recent highs, but 2/3 of this has been hedged for five years with Noble Group.
It seems to me that a number of short term investors have jumped off the stock of late.
Unless something major has occurred that only a small number of investors (who have traded a below average volume of shares) know about, then I think this is a great long term buy.
A positive announcement would see the share price recover very quickly IMO