Wednesday, January 23, 2013
11:12 AM
GTAC on iron prices
An addendum to the testimony of GTAC: The last few questions from the committee have focused on the volatile price of iron ore on the open market, with Rep. Fred Clark asking if the company would be able to continue operating the mine if the price hit as low as $50 a ton, as one market expert has projected.
GTAC President Bill Williams said that while those decisions always have to made based on market forces and that they'd have to look at it if it happened, he emphasized optimism that an investment targeted at the Penokee deposits would be able to survive such price swings.
"Yes, there's going to be ups and downs in all industries," Williams said. "But we feel confident that this ore body allows us to come in and weather any storm, should it come."
Quorum Call site feed
Post a Comment