Ann: Company Secretary - Resignation and Appointment, page-10

I'd like a profitable, resilient business with a big vision. Iluka is resilient, but lacks vision and profit. A big part of that resilience is the iron ore royalty. I believe these iron ore assets were a hangover from when Iluka was RGC. You could argue that the RGC / Westralian sands merger was a mistake - if the strategic focus at the time of the merger had just been RGC's iron ore tenements, then I believe you would today have a company of comparable size to Fortescue. I think Iluka's strategy over the David Robb era was dictated by investors like yourself, which I believe is a mistake. The company should present a vision to transform itself into a global mining powerhouse, rather than dither over the 1-2 billion it will get from the sale of the royalty.