Omitted information in FMS announcement, 25 January

The FMS ASX announcement 25 January 2017 re BBI GROUP SIGNS STATE AGREEMENT WITH WESTERN AUSTRALIAN GOVERNMENT included a map that showed the Balla Balla JV Export Facility, the Proposed Central Pilbara Railway alignment and the FMS PIOP.  This announcement also included the statements “The BBI Project is a significant infrastructure development potentially linking iron ore deposits in the central Pilbara region with a new iron ore export facility at the Balla Balla port via a 162 kilometre purpose built railway” and “The initial proposed railway infrastructure terminates approx. 40 kms from the Company’s PIOP, Flinders premier asset”.

Omitted from this map and statements were any references or indications of connections at either end of the railway.

On the other hand the 8.41 minute BBI Project Video shows these connections on multiple times (1.05, 3.45, 4.10, 6.30, and 6.45 minutes).  It is clear to me that this video shows that significant effort has been devoted to the connections at either end of the railway.  I repeat, the FMS announcement makes NO reference to these connections.



In the FMS ASX announcement the final statement is:
“It is anticipated that following the Board’s gateway review in March 2017, the Company will adopt the most optimal and efficient option from the Strategic Review to create value for all shareholders.”

If this statement that the Board is to “create value for all shareholders” I would suggest that they should at all times keep the ASX fully informed and not omit important information that will better inform the market on the progress of this project.

It may be that this BBI Project Video was released after the FMS announcement on 25 January, but even so, in the future we must ensure that our Board keeps the ASX fully informed and not undersell our Company.