I think we need to recall Twiggy at Anaconda - now getting lots of comments as Minara. Murrin Murrin was already proceeding to a Stage 2 expansion before achieving anywhere near its Stage One output. Anaconda was also announcing two new projects under development, with Anaconda to become the worlds largest nickel producer in the world. It still has only reached 2/3rds of its Stage One design capacity - though new management have conveniently 'reduced' the design capacity.
Fortescue already has expansion plans on before it has achieved first stage outcomes, whilst carrying significant debt burdens. What if it doesn't achieve ramp up volumes by the end of the year?
Twiggy has done an excellent job thus far and may well have learned from his lessons, but the parallels are also compelling.
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