GWR v FEX, page-20

Higher Earnings multiples, require forward growth and longevity.

GWR have licence to 7m tpa. Open up Esperance.

If GWR have 130-400mt - then this picture is a whole lot bigger potentially than just one cycle.

If GWR cracked even 3 mtpa, it would take out FEXs equivalent resource in 3-4 years.
GWR, can then potentially think building out a section of rail perhaps. Or maybe MIN already does. Any takeover looks at the long cycle. There is already rail part way to Esperance. A rail build option would drop the opex, potentially enabling GWR resource to operate at much lower i/o prices. - in between high cycles.

FEX couldnt even think about it. The scale of GWR is what enables that level of infrastructure investment consideration.

Rail was on the table in this region at one time.