I was in a hurry when I wrote my previous post (had to do...

I was in a hurry when I wrote my previous post (had to do something before it rained). I now see that the FNArena article stated , “UBS expects works for Rio Tinto's Koodaideri and Fortescue's Eliwana will be awarded towards the end of the first half of FY19.”, which means it could be good news before Xmas 2018. Your in formation has Chris Salisbury's words dated 23 May 2018 that include, “ . . . the next 12 months or so”, which suggest we may know circa April – June 2019.

I still think that the negotiations with potential suppliers will commence early so that RIO does not have to go to market when the good mining-service suppliers are fully committed. RIO and NWH are close enough to swap concessions – e.g., in return for a signed contract, NWH may allow for a flexible commencement date in return for the acceptance of a table of rates that are not wafer thin, and with a mutatis mutandi (it changes with change) provision that allows labour rates to flex relative to a relevant index if the start date is delayed.

I think NWH has past the point where landing contracts is the main game. Many companies have been destroyed by contracts that they have won. The game now is too expand in an orderly and profitable way. This requires a negotiating style that is different to what happens if marketing functionaries are incentivised to land deals to the exclusion of other considerations.