Exceed. The infrastructure for a free dig 20mtpa gravel operation is pretty small compared to a hard rock open pit. Very simple mining and processing.
FMG are already looking to offload part ownership of their railway line.
Irvine Island! There's a damn good reason why Cockatoo and Koolan were developed and mined for decades while Irvine remained untouched. I spent a day prospecting over there in 2001 and found iron ore (its everywhere in the region) but certainly not in the thicknesses, continuity or grades of Cockatoo. The geology is quite convoluted. You may get luckier with a drill rig but I wouldn't be buying shares in it right now.
Good luck anyway.
Cheers,
Stu
BRM Price at posting:
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