Snake, I know all about SDL and it's resources. It has 2 lovely deposits, but they are strandard at present and so many risks are associated with the logistics and location. Not they mention they are yet to complete their BFS.
GBG's deposit isn't exactly small, despite being magnetite the majority of SDL's deposit is Itabirite ore which also requires processing.
SDL's 400mt or so of DSO is impressive, but it is over 2 deposits: Mbarga (Cameroon) and Nabeba (Congo). No port or rail exists and these are a good 500km from sea, not to the history of these countries... They have a MOU with a Chinese co for rail, but that is not assured at present. Also I'm sure SDL will also lose 50%+ of it's interest in a JV to obtain finance, just like GBG.
I'm not trying to downramp SDL but I just personally can't see the differences in value given GBG's accomplishments. Even if SDL runs smoothly it will be 2015 or so before production actually commences. GBG should be on its way to 20mtpa+ by then, of course this assumes the iron ore market is still booming. Lastly SDL still has a few cap raisings ahead of it, hopefully GBG has done the last for the initial production of Karara.
End of rant :P
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