Ann: FMS Australian Investor Presentation 11 Augu, page-13

re: Ann: FMS Australian Investor Presentation... Regardless of confidentiality agreements, who believes FMS is any closer to a practical rail/port solution than they were a year ago?

I'll, go first...

Not me.

There has been some discussion about the $107m allocation for rail being an indication that they must have a deal in mind. It was $61m a few months ago and doesn't mean much imo. It can't entirely be explained by the increase to 15mtpa from 5mtpa.

If they really were close to an infrastructure deal we'd know about it imo. Confidentiality agreements notwithstanding, they'd at least give us some strong hints if there was any substance to it. At least, that's always been their reporting style.

Also, if a deal was close they would almost certainly fast track the whole project.

The glacially slow pace of their schedule, which grows even slower by the quarter says to me that they are playing for time.

Final comment: I hope I'm wrong.