Ridley Magnetite Project JV Potential

All in opinion:
Ridley Magnetite Project JV Potential...
2 Billion-tonne magnetite resource Pardoo area. Very close to port. Transport costs low.
Large conventional truck-and-shovel open pit operation
48Mtpa of magnetite ore would produce 15Mtpa of concentrate for export.
Ore crushed in-pit and both ore and waste hauled to the natural surface by conveyors, with rock waste and tailings encapsulated together in a staged waste storage facility.
Ore processed by multiple stage autogenous grinding followed by magnetic separation, with an end product of 80% passing 30 micron, containing 68.3% Fe and 4.3% SiO2.
Strip ratio 0.5/1 for mine life
30 years mine life.
Average real operating cost A$36.2 per tonne concentrate FOB or $12.64 tonne per ore mined. Is it lower now?)
Average EBITDA per annum of $535 million.

As per AGO 14 April 2009 Ridley Announcement....
"Partnerships / Strategic Alliances / Other Agreements
The Company continues to receive expressions of interest from potential strategic partners to assist in the development of the Ridley Project. The Company will now focus on attracting a suitable joint venture partner to take
the Project through to development."

In opinion and what if scenario:
We all know the IO discount challenges for Aussie miners but the Ridley project is very strategic being so close to port and high quality ore. FMG should be talking to Atlas. Why not JV at a reasonable split eg. 70/30 and plan for it to be developed in the next few years by the time both companies have much lower debt. FMG fits %100 of the bill (The reason why I think %100 is AGO is free carry with low risk if project is delayed. Plus FMG is motivated to develop quickly). Atlas and FMG win. FMG also provides rail access for Atlas ore. They can either sell as. Could they blend it? In 2009 AGO cost Ridley for establishment to be nearly $3 billion!!!! (At time when costs and labour was higher at the height of mining boom!!!). What if it would cost nearly half that now or 2 billion to establish given existing surrounding infrastructure to leverage off. This may reduce establishment costs?

What I would like to see is the following:
AGO to utilise the income from PLS DSO deal to pay off debt to use for priority drilling it's own %100 tenements for lithium and get Mt Francisco drilling happening.
Positive results will provide two things. Increase AGO upside value in diversication and leverage for further JV deals.
Atlas to use these next high profiting quarters to pay off debt completely and use excess to develop CD to ramp back up to producing 16-18 million tonnes with %50-60 lump and further drilling for lithium at Pancho and Mt Francisco.

Atlas would thrive, could be diversified in the pilbura with strong Aussie partnerships in IO and Lithium!!!!!

AGO @ 200 MC is ridiculous given the potential of its tenements, strategic position in the Pilbura, port access, diversication, JV Aussie partnerships and profit potential.