Fresh and cross-posted from FT Alphaville, comes this unusually frank assessment of Fortescue and iron ore.
Remember the joke about the $120 iron ore price floor?
How we laughed.
And for continued amusement here’s Nev Power, chief executive of Fortescue Metals,the highly-leveraged poster child of the Australian resources boom, discussing iron ore at Wednesday’s annual results announcement.
From the Sydney Morning Herald.
Iron ore prices have slumped to $US104 a tonne in recent days, yet Mr Power said it could soon rebound as high as $US150. ”As soon as restocking and production returns to normal we expect to see prices back in the $US120 to $US150 per tonne range,” he said.
Keep taking the pills Nev.