fmg turns focus to magnetite

As read from todays business section:

"The Andrew Forrest-led miner highlighted the resource potential of its Pilbara landholdings at yesterday's annual
meeting, in the process adding its voice to a growing number of WA magnetite players by flagging an increased focus on hematite's poorer cousin.
Although of a lower quality than hematite - the ore that has underpinned Rio Tinto and BHP's position as industry leaders - and in need of upgrading, there are an increased number of sizeable magnetite resources being discovered in WA, much to the delight of China's steel industry which has long relied on magnetite imports."

Do you think FMG know that Aurox is just down the road and ready to go?
I think I would accept $1.50 a share for a T/O offer would you?