has fms shot itself in foot?, page-4

Not a lot has been made of the MOU with BCK.... are we still with them or not? I think it would help us to get to production if we could lower our share of Todd's Train Set cost's if we could include BCK. A 3 way partnership would be good as BCK have a direct Chinese interest which could be of benefit down the track. BCK could spread the cost of the shared part of the train line with FMS. If this were to happen and reduce FMS cost to port by $10 - $20/tonne then FMS is looking very attractive again.

Another side option is the NJV particularly BCI could look at buying up FMS to increase their WA reserves.

Currently I cannot see FMS getting to production in the next 5 years, plus I see more massive dilution along the way.

Rgds

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