apg bmx question, page-9

Iluka have looked at the APG technology as has BMX and Cristal. Cristal did a comprehensive study then tried to get APG for ZIP!

Iluka wanted BMX and finance Director Chris Catlow put together an offer however that was the time Rene Rivkin was recommending BMX in the Rivkin report and as a result the shares went far higher than the Iluka offer.

Iluka ended up with .02% and gave up.

Then Cable sand and Sons of Gwalia took a huge chunk of BMX the Sons took stock from Cable then proceeded to go into liquidation due to hedging problems.

Cristal who has vowed to be the worlds biggest producer of Tio2 (and still do)took all of the stock from Sons and gained control effectively making the MD/Chairman of BMX Steve Everett a rich man and redundant from BMX.

Then came the tio2 conference where Mr Farrell of Basin Minerals negotiated for Iluka to make a buyout of Basin Minerals and the Douglas Deposit.

That was agreed to when the sp was 60C and I think from memory it was at $2.00 which Basins Minerals told shareholders to accept.

So we now have Cristal owning/controlling BMX (Gingko, Snapper, mullet and herring) while Iluka owns the Douglas deposit.

The BMX deposit is contaminated with cro3 and has overburden in some places of up to 25m deep. They can extract other minerals however the Ilmenite is useless to them due to contamination.

Iluka, did not do their homework properly and the Doulas deposit was not as good as first thought however it still has minerals for extraction but again the ilmenite is contaminated.

So, here we are! Cristal and Iluka wanted APG for Zip, Iluka wanted BMX but missed out, while both have contaminated deposits which renders their ilmenite useless.(they can sell it to the chinese for almost nothing but its not what they want).

BMX are stock piling it while Iluka are puting it back in the ground which the Victorian energy dept is not happy about.

For BMX to sell quality ilmenite at a good price it needs the APG technology while Cristal who want to be the worlds leading producer in tio2 firstly nees a quality ilmenite from BMX (BMX cant do without APG front end technology) and then cristal need the second part of the APG technology to turn the quality ilmenite into a high grade tio2.

Iluka, well if they just want to fiddle around with other low price minerals thats fine however somehow given their previous history, their want for BMX and its deposits Iluka really do need APG.

Meanwhile Mr Farrell of the Doulas did best out of everyone given that he owned 35% of Basin Minerals and sold at $2.00 per share.

I wonder if Mr Turbott can learn anything from Mr Farrell?