the crush, page-5

Nose, agree with you. CAP and ROY are very undervalued. I sold out both a few years ago and made a bit of profit. Unfortunately, the market is saying if you are not a producer already it is too late. Good or bad project won't matter, because market believes BHP, rio, vale, fmg and hancock with their expansions that is enough. Fwl if lucky will only produce 2mt pa and that is not competitive. Fmg is getting to safe zoom with debt reduction and massive mining. With iron ore you really need 100mt pa to be big enough to be competitive.