I amy not believe that the Trough deposits or mines are very good deposits, but I attempting to state facts or correct misconceptions. I am always surprised at how vitriolic that some posters get.
IOC has stated that it is looking at expansion plans moving from 18mtpa current capacity (sales in 2012 at 14.1 according to Rio Tinto figures) and planned expansions are to 22 then 26 mtpa. Even if they do not move very quickly, they will not sell/assign or give up needed capacity on a rail line that they own. Suggest that you look up the Canadian Legal definition of common carrier. None of the new players will get running rights.
Wabush has a long-term contract (since 1962) and has rights to 6 mtpa. Cliffs-Bloom has 8 and I do not believe that it would announce expansion plans and state in a conference call that expansion is planned to 14.4 mtpa in 2015 without having access to rail capacity. Unsure where the take or pay absolute came from that applies to all. so 26+14+6 =46, which is 2 more that your stated capacity. CN rail would help as IOC/Rio Tinto can charge virtually whatever they want, ask Wabush.
All on post need to complete DD on issues and not believe posters that reverse field at each delay or correction.
Hebei may state the obvious deficiencies in the FS need to be corrected (possibly not) before making a deciision to execute. As many have posted, the 120 million will translate into much more investment and the offtake is useless unless Kami comes into production. May be not, but the past comment about there was no ability to delay was simply naive.
Market is tough, ask any junior exploration company and even Chinese are not immune. Hebei has DD squad fron Oz advising them (talk to a non-rah rah broker and they will confirm). even the offtake hungry chinese are not spendthrifts. Lastly Chinese wil not believe ADV numbers and will generate own costs and revenue based upon ADV's work. That I am afraid to tell you is how it works.
Will deal close? possibly/probably but taking profits, if you have them is always a good thing as the saying goes Hogs always get slaughtered..