A Turning Point, page-5

I can't see the price of Zr or TiO2 moving much for at least six months, possibly 12 months. I have real concerns over any base feedstock TiO2 like Ilmenite for 2015/16/17. Particuarly with Base, MDL, Kenmare and Rio coming online. If you look into them though, 3/4 of them are having operational issues (that's sand). Kenmare have stopped Ilmenite shipments to China recently - just the oversupply is killing the price and they can't make money (bit like the aussie iron ore miners). I have written an article about that on ILU.

For me, I think the bright spot for sand is more likely at the Rutile end (TiO2 - 93%+). Those supply numbers and pricing into China have not really moved, but more importantly looking forward, 3D printing is moving rapidly and Rutile will be in huge demand and there isn't a lot of supply around.

If you look into a company called Metalysis (who were at the TZMI Conference) they could revoluntise the industry. Iluka punched $30m odd into them late last year and I think Rio about $20m. If you look at their website they have some youtube video's that will show some amazing stuff that can be done with Rutile.

I do think that Rutile 3D printing is about 2-3 years away from really taking off, but you can see that Iluka and Rio want to position themselves in this market and with Metalysis. A little like HP getting out of computers and moving into printers - but the main game was supplying the consumable - Toner.

I have no doubts that Rutile will be the toner for the 3D printing industry. I also think it could be big, very big.

Pep