Hi Mozart,All up I'm encouraged by the sounds FMG is making...

Hi Mozart,

All up I'm encouraged by the sounds FMG is making about its infrastructure expansion plans. What that means for BRM is up to WR.

I recall a bit over 3 years ago WR came to YML/BRM as Mr. Infrastructure - the man with the BHP and FMG connections. And, yes, he has done a good job in other areas.

If WR is not able to integrate BRMs tonnages into FMG's expansion plans - this is a core skill that is lacking. the $4 share sale will be small potatoes if he cannot resolve rail....Yes the challenges are there, but so are the opportunities.

Two key events have happened that a savvy, switched on MD should be able ot take advantage of:
1. Hancock and FMG will most likely not do a rail JV - this means most likely we will have Cloubbreak and Roy Hill as potential haulage routes
2. FMG getting access for expansion indicates Clounreak will expand capacity.

Things are looking a lot better now than a couple of months back.

It wholly reasonable to expect that a competent MD should be able to negotiate a rail outcome now in these improved circumstances. Entirely reasonable & no excuses