I think the biggest impact on timing is the NCC rail decision...

I think the biggest impact on timing is the NCC rail decision due out at then end of next month. NWIOA has had to complete a submission, and no doubt RIO and BHP will be working feverishly on theirs. In the interim I hope that WR as been working the BHP backchannels to advance a deal so that if the decision comes down in the affirmative we can move quickly. FMG is the perfect backstop, so in that sense a BHP rail deal isn't critical. I know that BRM would love a BHP minegate deal for the first phase as a quick way to get ore to market whilst they build the infrastructure for the 15MTP phase #2. Stiching that up might get a win:win for BRM/BHP (ie get someone elses ore on their tracks, under their terms using their carriages) Challenge will be "purifying the ore" to an acceptable BHP standard. BRM would then be looking for a big Chinese backer for phase #2.