zircon price market research, page-76

Essa, I like BSE but with Kwale nearing the end of its life and Toliara with significant hurdles to overcome AND both African based...the risk factor is much higher than IMA. I'm told there is significant community dissatisfaction with Toliara going ahead. Is this still the case? I hear you about covering the CAPEX, but it is still a significant sum to raise and first pay dirt is what, 2025?

My preference is IMA because it is a simple 'bread and butter' operation, located in Oz, with a predictable, consistent flow of revenue into the immediate future (now made more permanent by the recent acquisitions). That said, a very anal analyst might give the nod to BSE on the valuation figures alone

P/B IMA 2.16 and BSE @ 0.83
EV/EBITDA IMA 2.92 and BSE 2.11

What I like abut IMA are its quality - ROE 26% v BSE @ 3.2% and its margin IMA 22.85% v BSE @ 17.72% and most importantly,
Price/FCF which has IMA @ 3.4 and BSE 6.6

Both of them look much better than ILU.