I think most of the money is backing management rather than...

I think most of the money is backing management rather than current assets.
As you say, the current projects are tiny and not near railways or ports. They'll need lots of tons to get up and running because of the huge infrastructure capex hurdles. But given the involvement of Gilbertson, Wedlock et al there seems to be a feeling that bigger things are afoot.
That's just me reading between the lines. Based on what JMS have today I'd say it's not very impressive. I only have a small parcel but I'm interested enough to stick around and see what happens in the future.