up we go, page-64

Hi James and Freeprom

While you both present a well articulated debate, I would like to draw your attention to a part of the u.s investor presntation and the significance of this statement for FMS (imho):

? Location allows several infrastructure options to be explored in a dynamic Pilbara iron ore precinct
? Third party operations/project development
? Anketell Point development

My thoughts - yes rio's proximity may lead to a deal to share use of rio's railway links.
However, I keep coming back to the point "third party operations/project development".

If FMS had ordinary grades, I could understand the notion of locking them out of transportation infrastructure. However, in anyones language they are sitting on a world class resource that will get to market no matter what.

Hence, I believe (and partly why I bought in) FMS will go into a jv which may include infrastructure development or they will be bought outright by a large company who wants an excellent resource that will be at bfs stage by the time they take it over. The question will remain, how much do you pay for 700 mil tonnes (possibly more) of high grade i/o that has a pfs in place????

Imho discussions over what rio will/will not do are a moot point until the pfs is announced to market, and then we will know where we stand. Believe me though, FMS is to big to ignore and I am of the firm belief there are a large number of players not showing there hand as yet but very shortly all are going to have to put their cards on the table.

Just my thoughts

PGamble