500m value, page-2

Your npv is probably conservative. I believe axo is trying to find other customers for the titanomagnetite, so that stage 1 can be increased to 4 million tons. Apparently the Chinese & Russians, are using titanomagnetite with very low %fe, around 15%, I seem to recall. So Chengde may not be the only one after it!
Hetero, are you close to the action at Balla Balla, what's currently going on, re BFS etc? It all looks good, but its taking time!