IMHO it looks like a decent, low-risk punt for AGO. It is capital-light and the JV makes obvious use of the respective parties' strengths. However the scale of the project and AGO's potential limit of only 20% share of the project (if I am reading it right) mean that iron ore is still by far and away the main game in town for Atlas.
AGO Price at posting:
3.0¢ Sentiment: None Disclosure: Not Held