A few points
- Scale. The first project for SHP is just that... The first. They have an MRE of 5.3bn tonnes. That is 80% of Jansen. It is 20x larger HFR
- Distance to markets or port. 0-300 km vs 200-300 km for HFR/BHP
- Distance to market. 0 km vs thousands for others. $100/tn train and shipping cost from Canada, $30+ from Africa
- Opex. The team is on record stating they are aiming for lowest quartile
- ESG. As per the shipping note above, minimal carbon footprint if you use what you dig up in your back garden
- Unemployed, skilled local workforce. Some even went on hunger strike to demand the government to restart mining
All in all, yes, normally go get your supplies from a low cost supplier. But if these guys can prove out low quartile mining, brownfield, made in Europe and still price alongside the incumbents.... Well. That's what disruption is
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