Chart req, page-24

USB is forecasting earnings:
12/2017E $0.24 based on Zircon price US$1,045/t, sales 339kt Zircon
12/2018E $0.40 based on Zircon price US$1,295/t, sales 390kt Zircon
12/2019E $0.79 based on Zircon price US$1,375/t, sales 357kt Zircon
12/2020E $1.08
12/2021E $1.27

EPS Sensitivities

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Commodity	Base Change	2017E	2018E	2019E
1	Synthetic Rutile kt	US$100/t	132%	90%	37%
2	Zircon kt	US$100/t	239%	162%	75%
3	Rutile kt	US$100/t	121%	124%	44%
4	Ilmenite kt	US$10/t	1%	5%	2%

So if realised Zircon sales price is US$1,305/t rather than US$1,295/t for 2018 then earnings would be $0.46 rather than $0.40, all else being equal. So even a small bump in the Zircon price is a big deal for Iluka.