RE: RE: RE: Meanwhile....... The iron ore spot price is now $158.50 per tonne CFR. Even in a iron ore high price environment Baffinland has decided to slash the scope and capex of their project by 80%. It was a proposed $5 billion project, now it looks like a $1 billion project.
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One rationale for Roche Bay: if Arcelor, which knows something about iron ore, is willing to build a massive iron ore project in Nunavut, then Roche Bay has a good chance to be built. But now that Arcelor's given up their grand ambitions the prospects for other iron ore projects in Nunavut are dim.
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Spin away, Deluca: tell us exactly how this Baffinland news--reduction in project scope from 18 MTA to 3.5 MTA, limited infrastructure investment, no year-round shipping, etc-- is actually great news for AXI.