Three reasons, page-48

When posters talk about SDL's costs being low for the Mbalam project, they mean "projected costs". Seeing no one has ever done a project of this size in Cameroon, any cost estimate is a total guess.

IMO, there is next to no chance of this project attracting $5 billion of investment while there is a global iron ore glut, and a collapsing iron ore price.

I'm actually surprised SDL has held up as well as it has. If you want gearing to the iron ore price, I reckon there is better value in the producers.