With the Iron Ore price dropping below $80/t, NMDC could probably scoop up a number of mines in the area for dirt cheap prices if they are serious about mining in the near future. More and more iron ore mines are laying off workers as the price drops below production costs for some of the smaller miners as BHP, RIO and FMG ramp up production making it very difficult for junior miners to emerge to mid tier miners. The Esperance port expansion must be in serious doubt of going ahead given current market conditions.
LCY Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held
