Atlas assets are currently worth exactly what Gina (or anyone...

Atlas assets are currently worth exactly what Gina (or anyone else) is prepared to pay for it.

Simply put, MRL, FMG and Gina all saw value in Atlas assets. Gina obviously saw more value than anyone else - hence the superior bid. The value of Atlas is higher for Gina than anyone else. I suspect that this is entirely due to NWIO. The theory goes that Gina is in a position, by way of her existing asset base, able to extract higher levels of value from NWIO than MRL, FMG or Atlas. Therefore, Gina was prepared to pay a higher price.

It could even be something as simple as the NWIO stockpile footprint. Gina may need space for a rail loop and sees that the NWIO stockpile footprint at Port Hedland gives her this. Port Hedland is a extremely congested, rail loops and stockpiles can be positioned to take advantage of access to berths, or equally used to block other future proponents. I haven't studied this in detail so could not ascertain accuracy of this scenario, but the theory of value remains the same.