re: Ann: Positive Concept Study for Bungaroo ... FORTESCUE...

re: Ann: Positive Concept Study for Bungaroo ... FORTESCUE announced in March that they will definitely be going ahead with their Anketell Port strategy following upgrades to their identified resources at Solomon and other areas in the Western Pilbara.

This should mean they will now be looking at a new rail solution to the west instead of to their existing Cloudbreak line to the east. Solomon looks to be about 25-40 kilometres east of Aquila's proposed Hardey line.

A lot of Iron Ore companies want this western solution now including IOH, AQA and FMG. I believe a joint venture between FMG and AQA and maybe even us might now be a real and imminent possibility.Or even an agreement on just sharing rail capacity with us. And there's still a possible Iron Valley /FMG / Brockman rail solution to the east.

I think we are hitched to FMG's wagon into the future.