All our costings were based on USD$80 per tonne.At USD$65 per...

All our costings were based on USD$80 per tonne.
At USD$65 per tonne, Mbalam/Nabeba is becoming less attractive, although I do recall seeing costs of around USD$30-35 FOB being written about a year or two ago.

Whilst any supply threat from Simandou will be years off, you want to hope that project falls into a screaming heap before Mbalam/Nabeba is up and running.

And as an FMG holder, I'm not worried, because they are already down the path of diversifying.