Ann: Company Update - January 2018, page-168

Yes yes. Majors are starting new mines and/or expanding new mines. These new and expanded mines have cost bases (and capital intensity factors) many times lower than SDL.

That is exactly why there is no need for alternative new supply such as SDL.

The key word in your last sentence is "was".

Rio sold Simandou (an ore body better and bigger by some magnitude to SDL's) for $10million.

Rio spent hundreds of millions on Simandou and walked away.

Because, unlike you, they assess that economic factor shave changed and that the drivers required for infrastructure and mine development for iron ore in West Africa are not present and will not be present for some time.

Unfortunately for SDL they are correct.