Ann: Southdown Magnetite Project Prefeasibility Study, page-98

A couple of salient points 1. according to the FIN.....if it comes on-line transport is major cost and imagine maintaining the long railway line - keeping it all safe and operating....!

“Simandou is never going to be a low cash cost producer servicing the Chinese market. The transport costs to get it to the coast are significant, and it’s a long way to China. Even when you take the higher ore grade into account, it still won’t be a lower cost producer than the delivered material from Australia.

2. Then you're talking about 62% hematite NOT 65+% magnetite pellets which is what GRR produce so I think the AU $177 in the DFS is accurate.

The risks are still real for Simandou....have a look at this apparently the mine is tied to one of the biggest mining corruptions in modern history https://en.wikipedia.org/wiki/Simandou_mine#cite_note-1

Simandou mine - Wikipedia

On the other hand the Sub Level Caving (SLC) in the transition to recover ore left in walls of north pit are critical to "contingency production" in the ramp-up of ultimate block cave.