Ann: Investor Presentation - January 2018, page-4

It looks like they have changed the dialogue around the 'Buckland Project' which previously included the mine and port.

They are now talking about those things quite separately and it looks like they are positioning themselves to JV with Sino on the mine but not necessarily the entire port operation. They have earmarked 15mtpa of port capacity for Buckland but the remaining 5mtpa capacity will be useful for BCI to earn a dollar.

The downside of this is that the Port operation is depending on Buckland to get operational, and Mardie Salt is depending on the Port.

So if Sino fail to sign binding docs on Buckland, BCI can't monetise either of these projects. But a binding deal delivers Buckland + Port + Mardie.