the short-sightedness of this deal, page-38

Westcott,

Correct me if I am wrong. But isn't the arguement that SDL has the cheapest cost supported by that very graph.

There is nothing of note lower than the SDL DSO. The funding is required to get this part of the project off the ground.

The Itabrite is stage 2 & funded from the cashflow of the DSO. So nil or nominal funding required to get stage 2 operational.

Irrespective, the Itabrite in in the middle of the 3rd quartile & the DSO is in the very very start of the first quartile..

In a bell curve the DSO would be at the very extreme of the 3rd standard deviation where in nature this proves scarcity & the Itabrite may be in the 1st standard deviation on the right of the bell curve, so fully acceptable from a statistics perspective.

I haven't seen a bell curve for the iron ore producers. If anybody has it, (I'm sure haemitite has the resources to produce it)& post for our benefit.

M