Ann: SCN: Fenix Iron Ore JV Update - Pharos, page-25

Good luck to all MRD holders, but IMO I highly doubt FEX will get into partnership with them. FEX is a niche produce looking for high grade deposits that are unfeasible to the big boys.
The scenario I would be looking at as a MRD holder is for Sinosteel to buy them out if they hit a substantial deposit where they’re drilling. I think MRD will hit a substantial deposit, but it will be <62%, and IMO long term it will be unfeasible by road transport.
Hence, I believe a Sinosteel T/O could be possible, they already have >100mt in the area, if they can substantially increase their holding, they may revisit the possibility of constructing rail to the Weld Ranges.
I’m sure RB has many fingers in many pies atm, and I do believe they will be looking at something closer to port, with lower C1 costs, to confirm the long term viability of the business.