Perhaps this is what the market is responding to, from the...

Perhaps this is what the market is responding to, from the ANN:

"As indicated in the Company’s recent June Quarterly Report, an expenditure optimisation process is
being undertaken, in order to identify opportunities for elements of capital expenditure to be converted
to operating expenditure, thereby reducing the level of capital expenditure. A project team, which was
established to conduct this exercise, is targeting to report its findings late in September as part of the
Definitive Feasibility Study.

In light of the changed broader macroeconomic environment, the Company and its joint venturer are in discussions to conserve funds, until the timeline for approvals is more certain. In this pursuit, the parties have moved to minimum expenditure, are reviewing relationships with third party service providers and are conducting ongoing discussions to finalise the FY13 budget for the West Pilbara Iron Ore Project.

Restricting expenditure to that which is clearly preserving and enhancing Project value represents a prudent course of action, while awaiting key Project approvals.
Additionally, the Company’s recently appointed General Manager - Iron Ore is reviewing design and engineering work completed to date, with the aim of identifying cost savings to be presented for potential inclusion in a future Mine Development decision for the Project.
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Money saving. Sounds very sensible to me.