As I've posted earlier, I understand that Iluka has been salivating at the thought of another go at Bemax (and this time not screwing up the takeover like a couple years ago).
Have a look at the new analysts report at bemax's website. Values the company at a huge premium to the share price.
I believe the company has been trading at a substantial discount as investors are nervous about the upcoming share issue that will be required to fund the project (if Iluka or other does not buy out).
BMX
bemax resources limited
