not much will happen for several years

Wayne Richards gave a good presentation at the AGM, however the key problems of rail transport and marketing were not discussed in much detail. In the case of rail transport its seem as though BRM are content to sit on the sidelines and wait for legislation and/or Government decisions to direct BHP or FMG to accept BRM on "thier" rail tracks. Hancock is another alternative should they decide to build their own railway. It's hard to put a time frame on this but I got the impression it might take at least 2 - 3 years before BRM have rail access and the necessary equipment.

In relation to marketing, WR indicated that is still in discussions with groups including persons/Companys not from China (presumably Korea and India, both of which are very beaurocratic). WR wants an "honourable" agreement not one that exploits BRM. He pointed out that freight rates to China have dropped from $45 a tonne to $4.50 a tonne.

My overall impression is that there was nothing new, other than cancellation of Stage 1. The board continues to plod unimaginatevly along confident that the rail problem will be resolved ant that someone will take 25 million tonnes of 59% iron for 40 years commencing 2012.

With not much to report and no railway or sales for the foreseable future why should the share price rise? I suspect, but obviously do not know, that one could move laterally to other growth stocks and buy back into BRM several years from now at not too much of a premium over the current price.



Obvioulsy, none of this is investment advide.