commsec bearish, page-37

Hi Hawkduka,

Completely agree with your assessment of the prudent use of cheap debt funded capital. That is what a good business is supposed to do if it has good opportunities.

The transformational strategy has been evolving over seven years and is now in the home straight.

The speed to market of this IO expansion remains the key. ARI have been able to get in an make it happen, whilst many of the the bigger projects have met bigger development hurdles. ( Aquila, Hancock, BHP Outer Harbour, Vale and most of the West African development ). Goes to show the importance of the rail and port infrastructure in the ARI portfolio.

FT