ash,
FMG, for one, is most unlikely to commit capital to a new venture at this stage. They are struggling to pay down debt and survive. At current prices they are a marginal operation and need to conserve all the funds they can, to ensure they do not breach debt covenants. The only likely partners for CAP are an overseas steel mill, probably Chinese.
It's not the resource, it's the boardroom that worries me., page-6
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