Chinese situation, page-17

Remember the grading is an average, FMS has a lot of high grade above 62% plus close to the surface BID. The higher grade stuff can be dug out and shipped at a very low cost and low strip ratio attracting the higher price. This is the type of resource you want when starting up a mine, close to the surface high grade BID. A lot of times the higher grade stuff is blended down anyway unless it is being used in high grade furnace pellets.
You can also raise the Fe % of IO

Direct mine capital cost estimate for PIOP of A$726M for 25mtpa project
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What would you rather have 1 billion plus mt and growing or 28mt (Less than 1 years worth of resource), with a Target BID open beyond current drilling. And the resource is 100% owned by FMS.