Iron ore lobby dies with juniors

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From the SMH:

The Magnetite Network, which was formed in 2009 to represent the interests of Atlas Iron, BC Iron, Citic Pacific Mining, Karara Mining and Asia Iron Australia, has suspended activities as its member companies cut costs amid weak iron ore prices.

“Just like a mine site that goes on to care and maintenance we hope to restart the network at a later date,” Magnetite Network executive director Megan Anwyl said.

Good luck with that. They’re all doomed except Sino. With any luck the Minerals Council of Australia will also close and we can have free and fair elections. Here’s hoping…

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.