I can't imagine that FMG would offer anything to anyone that was...

I can't imagine that FMG would offer anything to anyone that was in everyone's best interests, it would more resemble a poisoned chalice and I am surprised at the lack of depth of the Fin Review unless they are being paid to be stupid.

On the surface it looks great, however I would tend to think that the Fin Review have glossed over available capacity at the end of the line and with FMG retaining running control there is plenty of room for arguments regarding which ore gets loaded soonest etc. FMG want it all their own way of course and are remaining control freaks about it which is typical.

This makes the deal not so attractive to a rail operator, it is more suited to a wealth fund willing to risk against other world mine capacity coming on line in the not so distant future seeing as the years are ticking over. FMG see this also which is why they want it organised now.

FMG are also probably trying to keep rail operators out of the area as they would almost certainly rationalise the existing rails and add to them economically to maximise carrying and port capacity.

Only the latter really suits Atlas, otherwise it is too haphazard and doesn't capitalise on any of Atlas' existing port permissions or part truck strategies.

Not using Atlas' port permissions would almost certainly result in losing them to BHP who might be counting on it eventually and that would not be in Atlas' best growth interests. All it could take is a change of Govt in WA to kiss the port permissions goodbye.

IMV Atlas is correct to reject or view the present FMG direction as being not really in Atlas' best interests and to advise FMG to get a return on its train set which has a rail operator involved and proper rationalisation of capacities.

I am pretty sure this has been obvious for years and the Govt recognises it too although it cannot control it.

Unfortunately Atlas has only so much wriggle room between a rock and a hard place in this and the market price is a consequence.