PFS re-visited: Focus on Modularization and Scaling, page-2

Concur with your views.

Walking that fine line between lower up front capex but at the same time offering potentially a "bolt on" expansion (Which in turn reduces any future capex) is extraordinarily tough.

It takes time, and may frustrate many a punter but the chances of longer term success are usually reduced by rushing in and picking the low-hanging fruit just to make a start. A good example would be the time & expense taken by FMG to build their own rail rather than simply truck out all the highest grade product.

The more work they do on this the stronger the outcome of the KPMG "match making" process will be.