bouncing fmg ideas, page-6

The largest tenement portfolio does not necessarily equate to exploration potential. A lot of the best ground in the Pilbara has been held by BHP, RIO, Hancock and Wright for decades. They have since progresively reduced their land holdings to retain the best bits. FMG came on the scene too late and while they made a number of significant discoveries early on, the prospectivity of their ground will be a lot lower now compared to when they snapped up every bit of free ground over a decade ago. The Pilbara, particularly the Hamersley Basin, is a fairly mature brownfields terrane these days, hence major discoveries for all companies working in the region are becoming less and less likely.

All IMO of course.