I can see synergies if they work together- sort of a guiding...

I can see synergies if they work together- sort of a guiding light/big brother approach and ensuring that they work together for the benefit of IO exports and the three companies involved. Using whoever’s rail will be cost beneficial to AGO and even with large unused tenements (and hence they control a portion of the market through iron ore price) they can decide when to develop what areas for what profit.

However, the contrary is also true- they could also utilise their shareholding as a blocking stake and let the company stall- just to swoop at a lower price take over the company and let the tenements remain idle, or only develop they so choose- gold lithium or others. they can dice it whichever they want to.