My personal take.........WNI can?t raise money in Hong Kong , so...

My personal take.........
WNI can?t raise money in Hong Kong , so they will not be assisting BRM in financing the project later this year. They will therefore be diluted down once funding becomes clear.
FMG deal would be rail only. FMG need to sure up capacity, in order to sell their rail asset as a going concern at the maximum price (only via filling +80% capacity usage) and will use the sale proceeds to fully fund their Solomon expansion. I don?t think they need any of BRM's ore, but do need signatures for commercial terms on rail.
For what its worth I also believe there are other rail players in the Pilbara market (non Chinese), thus driving FMG to the negotiating table with realistic financial terms instead of pie in the sky pricing as was originally pitched to all Pilbara iron ore juniors.
The weakness at the moment comes from uncertainty in the market, and lack of clarity on BRM's direction right now.
Also with Sinosteel pulling out of the Midwest , Sinosteel have a large supply gap that has suddenly become a problem for them. Happens Sinosteel are on BRM's register as a shareholder, (this is a strategic move from last year) and that BRM's project will come on stream at a critical time for Sinosteel (so they make the logical partner in terms of off-take and funding optionality)
I also believe their is an unfortunate view that BRM's ore is Magnetite and has been thrown in the rubbish bin with other mag stocks. Foolish but great opportunity.
Buying again with this being the final retracement (goodness knows where the bottom of the retracement is) before their final investment decisions, and funding to production. EV is outstanding for those prepared to put up with the crappy background noise!!
These are my thoughts only.