I have not had time to look through the deal in detail but on a...

I have not had time to look through the deal in detail but on a first read through:

I do like the chance for some institutional's to come onboard and make the stock more liquid.
I also like the fact that any BBSO that may be added to the mine life, as well as any DSO increases at Nullagine, will be 75% owned by BCI. I think there is a good chance that BBSO will be happening at Nullagine in the near future.

Not so sure on the arrangement to pay FMG 50% on any ore that ships during April 2013 to Sept 2014 which is above the PPI of $120 per dmt. I assume this is just for the additional 25% of ore that BCI are adding to their share of the JV? Also we are not protected with a clause if the PPI is low so why do a deal if it is >$120?

Will be interesting to see how the market reacts to this when the shares are back trading.

cheers
BM