RIO is currently building Nammuldi extension (the renamed...

RIO is currently building Nammuldi extension (the renamed Silvergrass) project. This is needed to maintain the Pilbara blend and stop the Fe content falling below 62%.
However when you are producing >300mtpa, there needs to be regular new mines to just maintain volumes. My understanding is that Koodaideri is capable of being RIO's largest mine. It needs rail, but just a spur line. It normally takes ~3 years from announcing it is about to be developed to first ore. I am not sure the geo of the project and what portion relates to BCI with royalty, however announcing the development is maybe at worst 2 years away as Mac indicated.
The main game is Buckland in the short term and presumably once that catalyst has lifted the price, Koodaideri might come as a surprise to the market later. The next biggest catalyst I am looking for is news around WPIOP project proceeding, as it would build rail and use Cape Preston.
I rarely get really excited by a stock that I make posts on HC, however BCI is super cheap and has several very large potential catalysts that cannot be ignored. I suspect this stock is going up a lot and it is my 2nd largest holding. With high cash, the only thing that potentially could derail this investment is a collapse in the I/O price. Even so, at <2 EV/EBITDA, fundamentally it could re-rate to 6x and still not be expensive.