I'm not saying there are not differences. WHA has "term sheets"...

I'm not saying there are not differences. WHA has "term sheets" and FMG had "memorandums of intent".

Quote: http://pandora.nla.gov.au/pan/13377...r/FMGReports/Documents/2004_Annual_Report.pdf

"The team made a number of visits during 2004 to key prospective clients throughout East Asia. Announcements were made during the year detailing the execution of several Memorandums of Intent for the purchase of iron ore from Fortescue Metals."

What is similar is that FMG was developing its infrastructure at a time of high iron ore demand and WHA is developing its infrastructure at a time of high infant formula demand.