Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-60

So it seems that the price of TiO2 pigment is roughly ten times that of ilmenite feedstock. The obvious question would be - would it be economic (or desirable) for TMT to further process their ilmenite product to make pigment - by building a "pigment plant" ? It's worth pointing out that TMT will derive most of its profit from producing V2O5 with the ilmenite as a bonus. With TNG, its the other way round, probably because their ore is much lower grade (~0.3% V2O5).

All IMHO, DYOR