I reckon the QR Rail studey is a Red Herring.
This less than subtle slide is the key to unlock the value (hence current sp suppression & accumulation)..IMO
Well, the QR option is not entirely false (as QN will have to extend from FMG rail into the SE Pilbara AGO tenaments).
Based on FMG's comments regarding divestment of TPI, it's any day now.