fms vs sdl

Hi chaps/gals, new to Fe shares to slightly out of my depth here... be gentle.

Figures in this order SDL, FMS

Note: All Opex and Capex for SDL are for DSO only.

Resource:
DSO - 415Mt@60% Fe
Itabrite - 2,325Mt@38% Fe

DSO - 224Mt@59% Fe

Market Cap
1.4B - 2.7B Shares (undiluted)
354M - 1.8B Shares (undiluted)

Capex to develop mine
3.36B
404M OR 1B to ramp up output

Opex
19.6AU$/t
35.3AU$/t

Resource Output
25Mtpa
5Mtpa OR 15Mtpa

DFS
Q1 2011
Q1 2012

Operational
Q2 2014
Q1 2014


What does the above show?
- SDL are a year ahead in DFS BUT FMS will be operational first.
- If FMS capacity is increased (believe it will be) then SDL output will be 40% more
- SDL will cost 300% more to bring into operation (% based on comparing FMS 15Mt capacity i.e. 1B Capex).
- SDL have a larger resource ~ 85% more DSO (190Mt) - Is this correct?
- SDL and FMS have very similar mine life 14yrs vs 16yrs (my calcs only! - based on output divided by resource.
- FMS tonnage will cost ~45% more to deliver ($15/t more)
- SDL is valued 400% higher than FMS

Trying to work out which represent the most value but like I said I am out of my depth on Fe. Would appreciated some input and thoughts here please.

Thanks a Mt of Fe!
PS I dont hold any SDL but like that story too so. Dont like the Africa risks though, history teaches us: Angola, DRC, Egypt, Kenya, Mozambique, Rwanda, Sierra Leone, Sudan etc