Ann: Thunderbird High Grade Resource Surpasses 1 Billion Tonnes, page-11

Goodone, my take is much like yours - in that it was stating Rio and Iluka were unlikely to lay still and watch this evolve - perhaps they will try to oversupply and get the price of Zircon down to prevent viable financials for SFX, or perhaps launch a takeover, or lock in major buyers with longer term contracts and shut us out?

Not sure how many other options could be summarised - the other issue is the capital question, Macquarie seem to believe another $100m will be raised with equity, which is a real shame, but probably likely - the balance of development funds through debt!

Their target price is much more conservative than Hartleys, I suspect perhaps partly due to the additional likely dilution?

All that said, I'd still rather be on board than not!

Cheers

Cabe