The Simandou deposit is one of the largest undeveloped high grade deposits in the world. If brought online it would be one of the lowest operating cost mines supplying the seaborne market. We classify the project as possible and there are significant challenges to developing it, most notably financing the expected US$16 billion of required capex. For the purposes of this analysis we have assumed production commences in 2025 and ramps up over 6 years to 100Mtpa. This analysis covers blocks 3 and 4 of the Simandou deposit.