Just cements BRM's fallback position to use FMG's line. BHP's...

Just cements BRM's fallback position to use FMG's line. BHP's line is still the preferred option as it runs over the top of the resource.. and if you believe the scuttlebutt is "in the bag".

Still way undervalued IMHO - consider this

At a conservative benchmark price of US$0.97/dmtu and
A$/US$=0.82, the project NPV lifts to A$2.226m (using 8% real discount rate, after tax). That's an increase of nearly $600M on the back of Fe price improvements alone!

BRM EV (less cash ) is still only $275M .. or 12% of the adjusted NPV. Plenty of scope to move upwards as she is de-risked.