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Resource Capital Research [RCR] - Junior and Mid Tier Iron Ore Companies, March 2011



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Resource Capital Research [RCR] - Junior and Mid Tier Iron Ore Companies, March 2011

Resource Capital Research (�RCR�), an equity research company which focuses on small and mid size resource companies, today published its quarterly research report covering iron ore exploration and development companies.



Key Points

Iron Ore Market:

� Iron ore contract prices increased 20% for the June quarter to ~US$170/t FOB (Pilbara) at 62% Fe.

Based on the spot price through March 2011, contract prices may ease by 5% in the September quarter to ~US$162/t FOB.
� The spot market for iron ore fines imported to China reached a record high US$191.90/t (62% Fe CFR) but fell to US$175.92/t at the end of March.

The high was due to anticipated ore shortages, and restocking by steel mills.
� China has increased iron ore production in the past 12 months: output was ~1054mt in 2010, a 19.9% gain on 2009; however, imports have shown only a 3.7% increase over the same period.

Iron Ore Equities:

� Australian listed iron ore stocks (59 companies) have gained an average 53% in 12 months, driven by the overall market recovery and rising iron ore prices.

Prices have fallen 5% in the past month (to March 28) in line with global markets (e.g.

ASX S&P 200 -2%) due to the crisis in Japan.
� Canadian listed iron ore stocks (48 companies) have performed strongly, gaining 73% in 12 months.

Please find more in the attached release.

To access the free summary of the iron ore report or to purchase the 66-page Subscriber report, go to www.rcresearch.com.au/reports.

RCR also publishes sector reviews of the Uranium, Gold, and Rare and Minor Metals sectors.



For further information, please contact:

Trent Allen, Iron Ore Analyst
+61 (0) 438 873 682


John Wilson, Managing Director
(+61- 2) 9252 9405



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