For the good of the nation, Fortescue must die

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Iron ore junior carnage is spreading fast. Yesterday afternoon we saw another small Pilbara mine shut:

Sinosteel Midwest has become the latest WA iron ore miner to throw in the towel, announcing today it will close its Blue Hills operation near Geraldton.

Sinosteel said the mine was expected to cease operations by the middle of next month, citing the rapid fall in the iron ore price, as well as delays in the grant of State Government approvals for an expansion of the project.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.