hypothetical question, page-44

Hi westcott,

I'll make it very simple for you.

Please show me where in West Africa the big players have brought online new IO greenfield projects in the last 12-24 months, and what IO greenfield projects are planned to be brought online by the majors over the next 12-24 months.

Drilling prospects to get JORC figures and to make sure the Governments allow them to continue to hold the tenements does not equal developing greenfield projects. Do you understand the difference?

Where are the commitments from the majors to develop greenfield projects in Africa any time soon? Has RIO come out and said it's allocated the necessary billions to funding Simandou?

Reddgragon was talking about the INTENTIONS of the majors re IO in Africa. At the moment, those intentions ARE NOT to develop any new greenfield projects in the near future. Capital is being conserved and exploration budgets are being wound back. There has been ample reporting on this in the media and via company presentations.

You can ramble on about who's drilling what in the IO space, but where in Africa are the majors actually developing greenfield projects past drilling? All of the money of the majors is going into expanding already operating projects like in the Pilbara.

Re high grade IO, if you only want to count the 60%Fe+ resources, SDL probably only has ~500mt of it, if that. Again, it's a completely insignificant amount on a GLOBAL scale.

The big players have 60Bn+ tonnes of DSO that would be around the same grade as SDL's 775mt @ 57%. SDL's high grade IO is insignificant on a global scale. Saying it's insignificant on a global scale doesn't mean the resource is garbage, it means the resource won't magically give any suitor a say in the IO price etc. It's no 'cartel breaker' as some would have you believe.

What information do I have to say the majors will be absent? If the majors were at all interested they would have made their move by now IMO. The majors have all also indicated that they favor developing/expanding their brownfield projects over starting greenfield projects in Africa.

Please list what I think the limitations on SDL's potential are? Really??