Zircon is forecast globally at annual 70k tonnes pa deficit for foreseeable future., hence the USD lift in prices from $ 300 to 600+, with spot sales reported over $1000. AZC is about to mine the Mindarie project in SA's Murray Basin, have sold all the 43000 tpa Zircon, at US$500+ , plus the offtakes of rutile, ilminite and rutile for over $ 30m of committments.(costs est. @ $60m) Final credit approval from CBA is awaited early 05. Total mine life expects surpluses of nearly $200m over 10.8 yrs, with 150m bits of paper on issue...so roughly 7cps for 11 yrs. According to the AR they also have a substainal additional exploration/permitts to be explored. The market made a real fuss over Illuka's Zircon "discoveries", which will take 5 yrs to produce, yet AZC is producing by end of 05 and ignored? Anyone shed any light?? Obviously, I hold! cheers
