I do not rule out the viability and attractiveness of a 3-way...

I do not rule out the viability and attractiveness of a 3-way FMG-BRM-FRS merger.

FMG has plans to expand its Cloudbreak rail capacity to a 200mtpa via a double track (preceded by sidings). They should be able to accommodate BRM's and FRS's tonnages.

A merger with FMG would be far cheaper for BRM and FRS shareholders than a stand alone rail development. I believe pat of the reason why WR has found it difficult to bed down a deal with Forrest is that he is after some of NWIOA's port capacity in return for rail.

Do not underestimate the value of port allocation at Port Headland - it is as critical as rail.

A 3-way merger proposal between FMG, and BRM and FRS would resolve all of the the issues. It is the logical outcome with synergies, cash to fund development, and a clear strategy to go forward. And would put FMG right up with Rio and BHP.

This is the most logical and beneficial for all parties. And there is a clear imperative for it. If this is not being considered, it should be.

I hope WR has been on the phone to Twiggy.