Whilst the tonnage rates look reasonable and are well within BRM's PFS estimates, the cost of building the spur line to Cloudbreak is the biggest challenge. It may only be a few km away in Pilbara terms, but it crosses swamps and ecosystems that would be a logistical and red-tape nightmare to approve. I still reckon Hancock is the best option, but at least with the FMG figures out there, we have a base to work with.
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