Only 6.5 million shorts as at 12 July 2012 (1.58% of SOI). So...

Only 6.5 million shorts as at 12 July 2012 (1.58% of SOI). So not a lot compared to other iron ore plays.. Its legitimate selling ,Legume's tip re MQG and the margin calls could be right.

HOWEVER, look at FMG's announcement yesterday re cost blow out... As I said AQA's CAPEX is understated in my opinion. The market hates funding concerns and are extremely worried about large new projects getting off the ground.

AQA, STO etc etc. This might go sub $2. Regardless it is cheap if iron ore markets hold up (and I think they will).

These guys have the cash (well its coming), but the question is it enough? Or can they get enough debt funding?