atlas merger aurox then giralia , page-16

Tim,

Yes, but imagine if FMG could get the same annual production rate for significantly less capex!!!

Plans are never set in stone. FMG is a company that is looking for coal on the West Coast of the South Island, Zealand, has two sets of iron ore assets in the North Island. And is looking for coal in Africa. They are an organisation wanting to grow - FAST.

Don't forget - the other side of McPhee is 300Mt+ belonging to FMG!!!!! That (with Giralias tonnage ~300Mt) could allow thema 30Mtpa operation without their normal intensive mine capex given the way that they mine at present, for probably around $450m - all up. That is an extremely cheap optoion for them

That has to be attractive, especially they could afford a 110km rail spur to the Goldsworthy line which is now open.

Personally, i think A & B have an equal chance. in fact I think B has a slightly better chance.

But that is just me.