The iron ore price has taken a tumble to $US132.66 a tonne, down 13.5% as Beijing moved aggressively to reduce steel production while Brazil’s Vale lifts output.

BHP (ASX:BHP) dropped slightly by 0.30%, along with Rio Tinto (ASX:RIO) who dropped slightly, down 0.01%.

Fortescue (ASX:FMG) managed to stay in the green up 1.02% which could be because FMG head honcho Andrew Forrest has upped his stake in Western Areas (ASX:WSA) – prompting rumours of a potential take-over battle with IGO Ltd (ASX:IGO) who’ve just made a play for Mid-tier miner.

WSA was up 6.61% on the news.

IGO confident Boadicea’s tenements prospective for nickel

Staying in the nickel space, IGO released the latest assay results from diamond drilling at Boadicea Resources’ (ASX:BOA) Orion intrusion in the Fraser Range.

The best interval returned 2.63m at 1,122 ppm nickel and 480 ppm copper (from462.33m).

IGO is planning further drilling to follow up more targets at BOA’s Symons Hill licence.

“The assay results are interpreted to be from the northwest margin of the Orion Intrusion and not within the main intrusive body,” BOA managing director Jon Reynolds said.

“This provides significant encouragement that Orion remains prospective for an accumulation of nickel-rich massive sulphides.

“We are strongly encouraged that IGO remains very confident about the Orion prospect and supports that confidence with the planning of additional holes along the Orion chonolith and other targets on our Symons Hill licence.”

The results bode well for IGO, if they declare a JORC mineral resource within their five year exclusive exploration term they can purchase 9 of BOA’s 11 Fraser Range tenements for A$50 million cash.