Hang on and hang in. The big Aussie miners , with over 75% Aussie ops, were down 3-4% today, but little down last week. CLF has perhaps one third of its resource base in Australia but is off about 18% in three trading days. Way overdone, so buying is due.

(If interested, read The Australian, a WSJ online paper.)

ALP would really like to curtail the physical growth of the industry, which is actually very favorable for CLF's valuation longer term, and enhances it as a takeout target for megaminers wishing to reduce their Aussie weighting.) Actual 3 year impact on CLF cash flow = absolutely zero.