Ann: Trading Halt, page-16

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