I think you'll find there's a lot more iron than just 2Mt. as...

I think you'll find there's a lot more iron than just 2Mt. as well as the haematite they have a whole heap more of magnetite.

The target of 5Mt a year is limited because (after upgrades/extensions) that is the remaining capacity on the railroad line down to Esperance.

But if the drilling reveals/proves up Mt Alfred and all the other Mounts, it would not surprise me if the railroad is substantially upgraded for capacity.

Pallinghurst (Gilbertson) is effectively running this show and it has made no secret - quite the reverse - that it wants JMS to be a major steel feed provider. Hence the manganese, and why they want to off-load the non-steel feed assets.

To be a major player in steel-feed means to be very big indeed. Pallinghurst have the financial clout, and access to more big finance if it needs, to do this.

Imho, this story is only at the beginning. JMS has made overtures to other asset holders in the CY. Whether they want to cooperate - and in what way - remains to be seen. But whereas Mindax and Hawthorn imo cannot make it on their own, JMS can and will - starting with 5Mt pa.

I hold a position in JMS via my shareholding in Red Rock Res.