It'd be nice to see Atlas play these rail operators off - hold out for them to knocking on our door to be serenaded (for once). Instead of buying in to a j/v rail ownership deal (with questionable long term commercial viability) maybe Atlas could hold out for some arrangement like spot price contracts (as per IO price) for rail usage to pick off spare capacity from FMG/Hancock at the biggest discount.
Maybe the Pilbarra IO world doesn't work like this and it could leave Atlas a little vulnerable to other larger operators. However, if IO over-supply and over-capacity does eventuate with AGO having their own supply/delivery contracts it could be a lower risk strategy.
Just a left field dumb idea.
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