That previous LOI AND ANY OTHER PREVIOUS ARE ALL HISTORY MADE OBSOLETE FOR MANY REASONS,as I've noted several times.
It is a completely different market -both as to pricing and contracts-than when those previous LOI's were made.
As I noted before the company of the previous LOI was trying to use a poster to influence CWRN to give them a contract-not knowing the poster had no such influence. It would be the steel of a century to get a contract at 145/ton.
As agmetalminer stated 12-13-10,the Chinese domestic cost of production-which is 150/ton- sets a FLOOR of 150/ton for iron prices.
If China could buy ore at 80/ton they would stop producing internally. Common sense.