expected announcements yet to occur, page-7

Hi Doctorwho2

I think that looking simply at the % fall as a mean f discerning risk is misleading. BRM's only risk of not rising to at least 80c is its propensity to burn cash. This is actually completely within the control of the company. If FMG were to pull up stumps tomorrow its SP would inevitably collapse, yet BRM's would rise to its cash level.

BRM is going through a crucial phase that will determine whether it is a real producer or just a cash-box dressed up as one. The detrital work has been ongoing, and I am surprised and disappointed that nothing here has been released. I'm not too worried about rail, as FMG will be very keen to acquire additional revenue sources given that it has no hope of funding its own expansion plans (at least not in the next 12 months anyway)BRM is better positioned to negotiate now than it was before this fiasco.

The AGM could indeed be a moment of truth for WR and his team.