45c less 32.5c = 38.5%, page-9

Matt,

35 mtpa is a drop in the ocean now, let alone by 2025. And if the economic conditions ever supported an expansion in remote west Africa (from china) of a third cost quartile itabirite expansion then the much cheaper pillars basin will gobble those tonnes first.

And if I do accept you proposition that theses lease will "save" china then what is the obvious corollary - much lower iron ore prices. A successful SDL and a successful china are mutually exclusive.