Why would FMG needs to look at acquiring either Flinders or...

Why would FMG needs to look at acquiring either Flinders or Brockman.Neither of these are attractive in terms of size of deposits or financing cost for railway extension to their ore deposits.

Even the most optimistic financing option would not allow Brockman to build a railway for half a billion dollars.Then there is the issue of being able to finance the whole deal.Just look at how many new mines have been able to get off the ground in the last few years.Can't think of any myself.
It is simplistic to look at the market cap to value the ore reserve of the company.
Without transport,the most attractive ore would just a pipe dream sitting in the ground.
FMG has a massive amount of deposits now even without further exploring its own tenements.However drilling reports in the recent quarterly suggests than FMG may have ore deposits of the grade that would rival even RIO. Acquiring AGO does make some sense though I think it would be cheaper to strike a deal with AGO.