spot on Brenden.
The most important thing to consider in these types of projects is the OPEX and the free cash flow that is generated after processing of the itabirite. This in turn gets us the project IRR which is what really counts.
At the end of the day the 'Rocket' the FMG has (around 56-57% fe) is a significantly inferior product to the 65% fe itabirite SDL will have once processing has taken place.
sdl vs fmg, page-9
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