RE:RE:FR announces 2016 production outlook,,,,The alternative is high-grading the mines and/or radically increasing production in order to maintain profit margins, either of which would be a disaster in the longer term.
KN is the really only guy in the industry who is seriously challenging the standard MO of destroying future value in a downturn by taking desperate measures in order to maintain the facade of business as usual. OTOH, FR's mines are relatively low cost compared to the industry average, and - unlike alot of producers - the company can afford to wait for higher prices.
The market, of course, is impatient, and hence the sp will continue to suffer in the short to midterm, and all the more so because KN isn't giving it what it wants. You can view this either as an extended buying opportunity or a reason to sell, but my money is on the former.