FMS - "The Foundation Customer", page-567

Has always looked to me like they were to get the PIOP, then effectively get the Chinese partners to bankroll the balance for 50% ownership of the port, rail and mine. This latest thought bubble carries on that belief. They get 60% of NewCo upon FID and surprise surprise they can hand over 50% of that to non voting partners (at what price i may ask) and they retain 10% equity but 60% voting. They then hold 56% of the remaining 40% holder (FMS). FMS minorities will be sat on the shelf and from that day forth will never have any say ever again.

I don't care what deal they come up with for us to vote upon, as I have said before - never allow control of PIOP outside the listed FMS otherwise we are screwed. I am happy to move up to a 49.99% interest in the tenement out to a Partner who will stump up significant capital and finance (in tranches as they deliver) to build the mine, but control stays with FMS, not BBIG/Todd.

Todd/BBIG/Mystery partner can't build a railway or port without Ore, they just will not get the finance - it really is as simple as that. So IMHO we need to continue holding firm and make them come to us with a great deal, not the garbage we have seen to date. As someone keeps posting - tick tock.

Personally I am waiting to see what the new Directors have in the way of negotiating skills as by now they should have worked out the above. If so they may well have voted against the proposal around the Board table and sent all this back to the drawing board. We can only hope that is why the "negotiated deal" has taken so long.

All comments above are my opinion only from reading and analysing the publicly available information. I can only wish to be a fly on the wall and have the full set of facts and figures in front of me.

GLTAH