Director Appt, page-15

As you are aware analysts remain relaxed about the price slide. Rio Tinto, still make healthy profits at the $US90 level.
Rio's ‘breakeven’ sits at $US43 a tonne, BHP’s is $US45 a tonne, Fortescue $US72 a tonne and Atlas at $US 72 a tonne. These guys produce about 700million tonnes per annum.
The current price (circa $US94 a tonne) has prompted a warning on Thursday from two global credit ratings agencies over the impact of low prices on the smaller miners.
Standard & Poor’s and Moody’s argue that depressed prices are credit negative for Fortescue and Atlas, Australia’s two largest single-commodity iron ore miners.
BHP expects prices to soften for the next few moths.