Ann: Quarterly Activities and Cashflow Report-FMS.AX, page-18

A Vale / FMS deal sounds good for both companies and is possibly what is happening behind the scenes. Vale need to talk with FMG however because they need the FMG infrastructure to get the I/O to port. I think FMS already have a deal with FMG to blend I/O but has been put on hold until the I/O price and/or demand increases. That should re-emerge into full operation as the I/O demand rises.

So Vale / FMS / FMG -  JV is a potential win/win/win situation and a genuine threat to RIO's market share. This has become even more relative when you read into the situation in Bazil - mine disaster, changed mining regulations and other political environmental issues.

http://www.theaustralian.com.au/bus...e/news-story/78adc46011064ae84ebb4a0c514ba17f

Maybe the board should approach MPO - they have a spare $67 mil. laying idle.