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Why nothing is stopping the crushing slide in iron ore
Iron ore prices are falling hard again this week. This is a gathering storm for Australia. Chris Richardson of Deloitte Access Economics estimates that price slide could strip a further $3 billion in revenue from the federal budget. And then there are the potential impacts on small and medium-sized iron ore producers who have production costs in the region of $US50 a tonne, the threshold that seems to have been breached on the market overnight. (One of these projects is Gina Rinehart’s $US10 billion Roy Hill mine in WA. It’s still under construction but UBS reportedly has pegged the breakeven iron ore price at ... (full story)