Ann: Corporate Presentation - TZMI Congress, page-31

This whole entirely valid discussion re future of zircon demand is a critical one for me as I am rather more exposed to it than perhaps is wise. 2ic's points re past performance and vested interests are bang on and do muddy it up a bit. I take some solace from three factors. 1) the stubbornness of China to accept defeat, going with a version of Monty Python's "It's just a flesh wound" , 2) the rise of India (no small matter, I saw it in detail late 2019 and they are just starting), 3) the Asian culture is besotted with tiles for decorative and functional reasons that are unlikely to be affected much by Western trends any time soon.

But the key q is "Are we in a down-trend that will play out in prices in a sustained way" as the answer to that informs exit strategies. Can't see any scenario where exit from STA is before the MCP is working and shipping. Then it is just a q of how exactly to ride the Tanzanian opportunity as it develops against the backdrop of global supply and demand scenarios that may or may not play out. GLTAH with that one!