I'm not sure it is a long term issue. Environmental crackdowns...

I'm not sure it is a long term issue. Environmental crackdowns are in place until early next year. Even if very high grade ore is preferred now to maximise output, it is just not sustainable that this continues in perpetuity. Not only would high ore supply be unable to keep up with demand, companies in China will refuse to destroy their margins by paying for expensive ore especially after restrictions are loosened.

Even now we're seeing lump premiums on spot market half of what they were a month ago.

Steel production is still increasing and eventually there will be a massive shift back to mid grade ores to maximise profit.

Going back to the FMG rail deal, I would love to see it but things are too passive at present. I want to see confirmation of the deal between pls and ago that was earmarked back in March this year. That's where we can reduce our net COGS.