candidate for takeover, page-13

I agree JC. If they are serious about building their own railline, then a JV with FMG would be the logical move imo.

FMG have already designed their new rail line to Anketell, the location of which would also suit FMS as they are only 20km away.

Both companies could share the line and FMS' 15mtpa would (or, at least should) mean that their contribution - say 20-30% of the cost of construction would reflect the of capacity they would require.

Such an arrangement would save FMS 70-80% of the cost of going it alone and also save FMG 20-30% with no downside for either company. Even the timing (2014) is spot on for both companies.

A genuine win/win.