phillip_k, the only way it appears WNI can keep the South West...

phillip_k, the only way it appears WNI can keep the South West Creek allocation is if the QRN option (or the Gina Rheinhart option to a lesser extend) is the one that AGO ultimately chooses over FMG. WNI is really making a gamble on a rail deal somehow in acquiring BRM albeit at the expense of BRM share holders who got screwed. Unless WNI is trying to flog off teh whole lot to the highest bidder - probably Rheinhart.

The QRN option (used purely as a bargaining chip it seems) seems least likely as it is most costly and conditional on the agreement of so many parties.

Once AGO strikes a deal with FMG, then WNI is left high and dry.

Barnett has already warned Rheinhart not to swap port allocation with a rail sharing deal as it is "state government property" specifically for the small miners.

A FMG & AGO merger seems the likely outcome. A BCI style 50:50 split on profit would seem too onerous for AGO to stomach...IMO