who would sell brm now??, page-6

Correct Mozart.

BRM may give up some equity as part of the rail funding cost. The fact that BRM is talking about port access and marketing strongly suggests this.

However any equity take up by FMG will obviate some of the capital funding requirement for project financing, so the net effect/cost to current BRM shareholders may not be as great as one may first anticipate. Obviously the detail is key here. Options are numerous.