KI Update, page-47

I got into MGX around 14 years ago when Brian Johnson was running it , ( I was working for POSCO in Antioch ) and having trouble getting a ship loader out of Geralton , at that time it was just Grange , Portman (who Brian previously worked for ) , Rio and BHP mining iron ore in Australia , iron ore was around $35 a tonne FOB from memory and MGX about $0.135 a share . The iron ore demand was around half what it is now simply because China had not woken up from being a bunch of peasants working the rice fields
However when I heard the Chinese were stealing the culvert man hole covers to melt down for iron ore and people were falling into the holes , it made me think MGX were on to something at Tailering peak.
MGX then appreciated in value
Back then iron was not sold spot , it was sold on a yearly contract price determined by BHP Brazil and RIO
Not sure if low prices will make the market undersupplied as China's demand will probably reduce naturally as its infrastructure boom completes in the next few years