Ann: BCI EARNS FIRST 15% INTEREST IN CARNEGIE POTASH PROJECT, page-15

I don't want to sound like a bear, but interesting to note that RCR recently finished building an additional crushing plant for FMG (see their 1H17 results presentation). Not sure why FMG would look to turn on a mine site (NJV) that is almost depleted, apart from selling stockpiles (though probably low grade and discounts for low grade are prohibitive at present).
I think BCI sold NJV to remove a liability, not to share in the royalties of restarting the mine (which they could have done without FMG buying them out).

I remain bullish about BCI, but not due to NJV. I like Bucklands and the Cape Preston asset. Investing in other i/o stocks makes sense, as clearly the market has missed the continued strength of iron ore and other stocks are more leveraged to the price.
At current i/o pricing, BCI is come another upgrade, with May the most likely time (when most of the years iron ore price is known, though the 3Q update in April is also a possible time to upgrade).
BCI is for the more patient, as it has key assets that are still some time off development and stands out as one of the most likely takeover targets in junior iron ore (though would require a very large premium to get Stokes holding). Its IV earnings are recurring in nature and are assigned a lower multiple than peer stocks. Momentum followers should look elsewhere, though imo, the medium term upside at BCI is huge relative to other i/o juniors.