Similar to our shared investment in graphite, pigment needs qualification with end users. can take years and certain impurities will impact the whiteness and brightness. also low grade feedstock will mean limited application for that derivative pigment. Hence why Chinese ilmenite and pigment are such small market share. Just doesn't have the quality for end users that the US and European pigments have.
It's a long road and why there's a handful of pigment producers (think Kronos, Chemours, Tronox) and a handful of quality feedstock providers either ilmenite or rutile (think RIO and Iluka).
Hit the nail on the head regarding revenue from Titanium and Vanadium. if you get a moment, have a listen to Jono Fishers RRS presentation today. clears up that V content perception. concentrate grade not in ground grade.
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