Kangaroo.I agree with most of what you've said however I think...

Kangaroo.

I agree with most of what you've said however I think you'll find MIN were well down the track of developing their project, much further ahead of CAZ.

If you have a look at MIN's May 2010 update of the project, they had already set up workers accommodation, haul road clearing, drill/blast activities and site prep for crushers etc.

Here is a link:

http://www.mineralresources.com.au/upload/docs/Presentations/Carina%20Update.pdf

So fair to say MIN were confident of getting the port allocation. Unfortunately for CAZ, i think they were just trumped by a bigger, well funded and experienced company.

I hold both MIN and CAZ. CAZ have a good resource in a developing region, things will fall into place IMO.

cheers.