market cap, page-10

Hi (pidg)

Glad to hear you have done well from my report back to share holders after the 2009 AGM.

I would not like to make a comparison between FMG and SDL as far as share price.

What I would say though,is look at the infrastructure FMG have.
Own Rail line,own Port loading berths.
Other companies along their rail corridor looking to use FMG rail to get to Port.
Revenue from these other companies.
Other companies likely to use FMG Port to ship iron ore if there is excess loading space available.More revenue.

Fifty per cent ownership in BCI for funding the 50% with rail and port use.
FMS will most probably use FMG rail to get to port if they get to mine their tenements,plus FMG port infrastructure.More revenue.

Others in the Pilbara will ultimately use FMG port and rail to export their iron ore.

Others could keel over If FMG do not come to an agreement on charges,or sell out to FMG.

Regards
Westcott.