Ann: Chairman's Address to Shareholders, page-35

Hard to believe that some people who invest in iron ore juniors really don’t understand the basic market fundamentals of supply and demand when it comes to Fe.
The majors have pipelines of projects that generally all have several things in common, namely huge CAPEX, increases OPEX and reduced quality.
The end users (China specifically) require higher grades ( to offset the declining quality of the Pilbara ores) plus greater efficiencies from their blast furnaces to maintain organic growth and to lower pollution.
Billions of dollars of CAPEX can only be provided or raised by the existing large producers or Chinese investors hence any greenfield development by a junior is subject to Chinese investors who ( rightly) demand their pound of flesh, as have every other major financier of the Pilbara Fe Companies regardless of their nationalistic claims ( the Japs and Americans funded the original Pilbara developments).
SDL shareholders will end up with a significant percentage of the projects it has found and taken to shovel ready development, the long term value of which makes the current capital structure a sub division of the issue, namely SDL has a Tier 1 asset.
Anyone who claims it could have happened quicker lives in lala land due to the capital barriers a project of this size.
Rio have been playing round with Simandou for over 30 years and are still not at the stage that SDL are at, for exactly the same reasons; CAPEX and Africa.
The snivelling comments that are posted are done so by people who know Jack shite about the market they have invested in and suggest that whilst displaying their ignorance may make them feel better, basic research into any potential investment that they may make, would be a better way to spend their time.
just saying.....