HiI've followed BCI since the Regent bid first went before the...

Hi

I've followed BCI since the Regent bid first went before the Panel - i think i posted a couple of helpful thoughts at that time.

I understand the valuation issues at present - and that BCI looks very very cheap provided that there is not a massive fall in the iron ore price over the next 12 months.

However - what I do not understand is the nuances of the MRT, and particularly why BCI may be more valuable to FMG as a consequence of the new regime. At least - I think that is what people have been hinting at on this board in the last little while?

Could one of the experts here either spell our the issues clearly, or point me to a publication that may have already done this.

Thanks

GD