Fortescue Metals Group, the number three producer in Western Australia state, has a significant debt burden that makes it look vulnerable. Billionaire Gina Rinehart's 56-million-tonne Roy Hill project under construction in Western Australia will come online next year and may battle in the current low price environment. Smaller producers such at Atlas Iron are believed to be struggling, while the $10 billion Sino Iron Project may be a candidate for a change in ownership given the protracted legal battles between the now very estranged partners -- China's CITIC and outspoken Australian mining magnate-turned-politician Clive Palmer. Anglo American may also be regretting its decision to build the delayed $14 billion Minas Rio iron ore project in Brazil. The point is that there are many available targets for anybody wanting to get into iron ore, or for existing players to rationalise supply through mergers and acquisitions.