"It is marvellous to be able to sell everything we produce, and great to give the operational people the challenge of producing more," he says. "I sense that IOC employee morale is higher now than it has been for a long time. We have a reputation for quality that held up even through the lean years. Our products are among the cleanest in the world, with very low levels of contaminants and high value by weight.

"There's a passion and determination amongst our employees to make IOC great again, a determination backed by the knowledge that they have the best resource in this part of the world, that we have among the best facilities in the world, that we rank amongst the most efficient operations in the world. Our customers frequently tell us that we are their highest quality supplier. In my 25 years in mining it's not often I've heard that."

Because of the high quality of its products, with their low levels of alumina and phosphorus, IOC has deliberately targeted niche markets where quality is critical. For example, IOC products are often used in blends by steelmakers to improve quality and meet demanding specifications.

As a result, the company has long term relationships with ten of the 20 largest steelmakers in the world. Customers include 12 of the 17 steel makers rated by World Steel Dynamics as "World Class Steel Makers" who are not self sufficient in ore. The broad range of IOC products allows it to access all segments of the market, including blast furnace and direct reduction grade pellets.

Approximately 45 per cent of IOC products are shipped to Western Europe, while the remainder is divided between North American (33 per cent) and Asia-Pacific (22 per cent) steelmakers. New markets are being developed, particularly in the Middle East. IOC is well on its way to achieving a stable customer/product mix, one minimally influenced by the volatility in pellet demand.