Low iron ore price claims Australian victim

摘要

Mining junior BC Iron says it is suspending operations at its Nullagine joint venture (NJV) because ofiron ore's sustained low prices. Its partner is major player Fortescue Metals Group (FMG).Despite achieving "material cost reductions", the continued decline in iron ore's price, particularly thesharp drop to below $40/t in the last two weeks, has resulted in an outlook where BC Iron's directorsbelieve it is not in shareholders' best interests to continue operating Nullagine in its current form.