weaknesses that caused this

1. Weakness in long term competitive insight by the majors in not allowing third party rail access. China has a foot in the door of the Pilbara now. Watch them expand. BHP etc. may well rue the day they decided to screw the juniors over rail

2. Federal government in not enforcing third party rail access regimes. BHP & Rio have been unscrupulous in avoiding their obligations, and they should have been held to account.

3. Market governance...or more precisely, what market governance? ASIC & the Takeovers Panel may as well not exist.

4. BRM Management. WN was a Trojan horse that few saw, but WR was still transferring shares to Wah Nam when they were close to 20%. A better MD should have seen this coming. All up I think WR was a competent MD. However he may have been better as a number 2. BRM really needed a switched on, street smart and savvy MD to do deals and see the Wah Nam threat, and formulate a tougher response to remain independent.