Ann: Becoming a substantial holder, page-6

Risk, I think Jgr64. DRR and Iluka stated in their Demerger Booklet that DRR will have debts - excerpts as below:

1.4.2 “Deterra is expected to incur incremental, net ongoing costs of approximately A$6.9 million per annum as a standalone listed entity. These costs are associated with Deterra’s ASX listing and ongoing fees, share registry, insurance, maintaining a separate board of directors and management team, and operating company secretarial, treasury and other corporate functions required as a separate listed entity.”
2.4.2 “Following the Demerger, Deterra is expected to have net debt of approximately A$14.2 million and a debt facility of A$40.0 million for general corporate and working capital purposes. Deterra will have only ordinary shares on issue and no other equity securities at the time of the Demerger.”

Whilst the debts aren't large when looking at DRR's Market Cap and its $40M debt facility, these may impact dividends. And as some of the debts are incremental-ongoing, if DRR suddenly hit liquidity issues, particularly the Royalties received from BHP's iron ore Mining Area C [MAC] and nearby South Flank then new investors may be rethinking the attraction to DRR. I think it's unlikely that China will decrease their zest for IO but BHP [and RIO] are in the 'bad books' re: lack of responsibility for the protection of traditional owner sacred sites. So, In my unqualified opinion, some investors may have doubts.