They have taken a punt at getting a major stake for minimal outlay. If Carnegie is a dog then they can can pull out after $1.5M.
I reckon they were only looking at potential projects where they could get in at the very bottom.
Todays story in the West Oz outlined the exploratory nature of BCI. RWD was never the right fit.
And the mates connection in WA isn't fanciful.
BC Iron negotiating Potash investment, page-52
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