So it seems that the price of TiO2 pigment is roughly ten times...

So it seems that the price of TiO2 pigment is roughly ten times that of ilmenite feedstock. The obvious question would be - would it be economic (or desirable) for TMT to further process their ilmenite product to make pigment - by building a "pigment plant" ? It's worth pointing out that TMT will derive most of its profit from producing V2O5 with the ilmenite as a bonus. With TNG, its the other way round, probably because their ore is much lower grade (~0.3% V2O5).

All IMHO, DYOR