I'm not so sure that a JV with BHP is the best option....

I'm not so sure that a JV with BHP is the best option. Personally, I think the best option needs to be considered after there is a clearer idea of how much ore there is in the tenement. The drilling to be completed by the middle of next year should indicate whether the 100MT is at the upper end of what is available or if there is 2 to 3 times that amount. 100MT probably means a JV with BHP as building a spur line to FMG's cloud break would be a marginal call. However, 200MT or more makes building a spur line to cloud break quite feasible and probably more cost effective over a mine life of 20+ years. FMG has the adjoining 'isolated' (is it Mindy Mindy?) tenement and I'm sure would be keen to offer some very reasonable rates for YML to use its locos and line to Pt Hedland if FMG could also use a spur line constructed by YML from Marillana to Cloud Break. In fact, could the construction of the spur line be a joint venture between FMG and YML?