when will the instos step in, page-7

I hold both more BRM than UMC what UMC has is access to RIO minegate sales they meet the criteria. If you read Pattersons report on BRM they dont think that BHP will transport BRM ore due to quality pre benification. If BHP apply the same criteria as RIO the market needs to know if BRM's upgraded ore is at a sufficient qulaity for transport

From UMC announcement 28/7

The recently reported Rio Tinto ground breaking deal with another ASX listed iron ore junior to enter into mine gate sales has potential to provide a rapid path for UMC mine development along similar lines. Rio Tinto has publicly
advised that the key criteria for a similar deal would be the quality of the ore and proximity to infrastructure. UMC has both.
IMO RIO's policy also eliminates a lot of the other iron ore companies based on quality of ore. Unless they are prepared to transport it once its upgraded. FMS advantage is it sits next to FMG solomon and at some stage they will mine. Subject to proving up a resource. FMG has also publicly said will transport others ore.