High cost producers loss $10.2 billion in the iron ore bidding

CANBERRA (Scrap Monster): The four high cost producers Mt. Gibson Iron, Fortescue Metals, Atlas Iron and BC Iron, have been shattered by the fall of iron ore to 45 percent lower, from the beginning of 2014. All together from the four iron ore miners a sum of 10.2 billion dollars was wiped out since the month of December in the year 2014.

From  all the four companies, Atlas Iron ore was the one with the most fatal effect, as the company’s market capitalization declined to about 78,4 percent, and was revealed to be 216.1 million dollars, lower from the 1 billion at the beginning of this year.

The capitalization value of the BC Iron declined 73.6 percent, which is 47.36 million dollars, to 169.6 million dollars. At the same time, Mt. Gibson Iron, lost 620 million dollars in the race, and now is at about 480 million dollars.

In the case of Fortescue Metals, 8.3 billion dollars have been cleaned of its slate of market capitalization, right from the beginning of this year. The decline is noted to be about 46 percent, a straight change from the earlier 18.1 billion dollars to now just, 9.8 billion dollars.