Buckland Project, page-6

I'm going to make a call on this, some might disagree (which is fine) but my view is based on the hundreds of hours I've previously spent researching, reading and digesting the Buckland Project as well as the mood of the overall sector in WA:

Anketell will not happen. Aurizon can forget about their 245Km rail project. Nobody in the current generation of mining company management will be willing to lay their balls on the table and say "Yes we will be involved in a multi billion dollar port & rail project for iron ore" because the slightest hiccup in iron ore price and their balls are gone.

So there really are only two possible outcomes:

1: Cape Preston is the solution, and what BCI will be negotiating with API (and/or the WPIOP) right now is how that shallow barge port can be used cooperatively and efficiently. Who gets first dibs on allocation (I recall it can handle up to 20mt p/a)? What approvals would be necessary to scale it up?

Once an agreement is locked down on Capre Preston, things will move fast.

2. I'm not sure if this is plan A or plan B but MIN and their BOTS system must come into play at some point. I don't know the politics or how hard it is for MIN to be involved given the resource is contiguous with API. But BCI will be in negotiations with MIN right now on that.

One thing I would be very confident about is that Alwyn will do a deal to make Buckland happen, it's certain as long is the iron price remains reasonable.