OCJ, page-73

I forgot to mention that FMS can mine the higher grade ore first. Being a greenfield site you would expect all the very latest cost savings measures to be used for the design, construction and operation. The unit cost could maybe be even better than FMG. The cost we've been given are likely to be out of date already and if the project was undertaken by Todd the viability would be different to that of a JV. If FMG can survive and make money to ride out the bottom of the cycle then I would say things don't look so bad for FMS.

Since commencement of Roy Hill interest rates and many other cost have been reduced. A 'can do' approach is what is needed. Some creativity in how help Todd run the he show without an unnecessary layer of management could still see something worth while take place. Let's see if FMS and Todd have what it takes to get an acceptable deal that turns into a win for all stakeholders.