If FMS were to take over BBIG, I would worry about the liability...

If FMS were to take over BBIG, I would worry about the liability BBIG's State Agreement would place on FMS.

Section 29(1)(a) of the Railway (BBI Rail Aus Pty Ltd) Agreement Act 2017 discusses the determination of the agreement for reasons including the Company abandoning the agreement, liquidation of the Company, failure to commence the SRL Railway within a certain timeframe and failure to have a Railway Operation Date within a certain timeframe.

Section 29(4) discusses that if Section 29(1)(a) isn't remedied, certain costs and expenses may become a debt of the Company to the State:
"If the default referred to in subclause (1)(a) has not been remediedwithin a period of 180 days after receipt of the notice referred to inthat subclause or within the time fixed by the arbitration award asaforesaid, the State, instead of determining this Agreement asaforesaid because of such default may itself remedy such default orcause the same to be remedied (for which purpose the State by agents,workmen or otherwise shall have full power to enter upon landsoccupied by the Company and to make use of all plant, machinery,equipment and installations thereon) and the actual costs and expensesincurred by the State in remedying or causing to be remedied suchdefault shall be a debt payable by the Company to the State ondemand."

I'm sure there are also other parts of the Act that would discuss liabilities on BBIG (and FMS if it acquired BBIG).

Ongoing royalty aside, unless there is a very high degree of certainty that FMS would be able to fund the mine development AND the Rail project (i.e. an investor already lined up), I personally don't think that FMS should assume the liability of the rail project and the obligations from the State Agreement. As other people posting have mentioned, FMS doesn't absolutely need the BBIG rail and if Todd/BBIG want to get out of the rail project, they should pay the amounts necessary to back out of the State Agreement. Perhaps it will take an extra 5-10 years, but other infrastructure opportunities or partnerships (post Todd) may arise.