I would think it needs a lot of capital as large pellet plants are very costly to build and so produce a high cost product - makes it very difficult when the IO price jumps around so violently in any 12 month period - we need a partner with very deep pockets and a long term positive view - IO prices were double in 2013 to what they are today.
http://www.indexmundi.com/commodities/?commodity=iron-ore&months=120
Southdown Project, page-2
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