My view is that BRM will be on BHP's line and that the real...

My view is that BRM will be on BHP's line and that the real bottleneck for BRM isn't the line capacity, but the port capacity. BRM could easily produce 30MTPA for at least 25 years from Marillana alone, which would comfortably justify the cost of a dedicated line. If BRM get on the BHP tracks I am doubtful they will get the 17-20MTA they want.

The 17MTPA limitation is based on the port's capacity (shared by the three alliance members) not any potential rail or production constraints. FRS is the potential opportunity as its port allocation capacity is potentially worth a lot to both AGO and BRM. AGO has already demonstrated the value of port allocation in the Aurox deal. I'd be looking closely at FRS to see what "synergies" are available :) Buy FRS and you get 34MTPA of capacity ;)