something brewing, page-11

I've just finished building a model on Aurox and $3 is about right. There will be significant value in the Ilmenite (55% Titanium Dioxide) revenue stream when they process it as a by product from tailings. On preliminary analysis and the current Ilmenite price, the cash margin will be US$70/t on the Ilmenite and they will produce around 0.7Mtpa of it assuming 6Mtpa production of magnetite concentrate.

That's $38m in extra profit after tax per year.

Encephalon