fmg selling their stake in the jv...?, page-7

B99.....Agreed, FMG would be at ease with this joint venture. Making lots of money for FMG.

But remember BCI has no mining equipment. They may have minor stuff but all the real mining is done through sub contract. Extraction and road haulage.

Yes, FMG might be willing to allow BCI to increase production by giving an increase to rail haulage and shipping. Then BCI can allow the sub contractors to put in place more mining and road haulage capacity.

But with low IO prices, would BCI want to sell more of a finite resource at these prices? Maybe best to preserve the resource for better times? Maybe, a complicated calculation!

Also all depends on the mine life. Current known but more importantly future increases.

For me, I would be more than happy if BCI were able to:

* Maintain the current dividend rate
* Prove up a longer mine life (20 years?)
* Continue with successful M & A
* Do not get taken over

Pat