Ann: Mineral Resource for Kwale North Dune deposit, page-22

By committing to Zulti Sth (lol, there is no such thing for a mining company until the earth movers arrive) RIO is simply trying to encourage the SA government to issue the mining lease that is currently so in dispute and up in the air. As you say Peppie, Zulti Sth is part of a long term mine plan to move from Zulti Nth and keep the RBM kilns firing etc. Zulti Sth is not new production but mine life extension and replacement for Zutli Nth as it winds down.

I don't know why everyone seems so shocked that RIO verbally committed to Zulti Sth or that it effects the projected future shortfalls (for Zr especially). Even if RIO was to sell RBM and walk away from the seemingly inexorable SA troubles, surely better to sell with a mining lease approval for Zulti Sth. Zulti Sth has been included in all the future min sand mine production charts I have seen, shortfalls still grow and new mines are still needed. Maybe Iluka got over priced on the short term high min sand prices driven by strikes and trouble at RBM last year but surely such short term volatility matters little to a long term project valued on long term commodity price estimations? (assuming those price forecasts are fair).

Interesting that two directors sald at 26.5c recently, haven't been following BSE that closely recently although I kept a few shares after the PFS release and bought few more back a 26c last week. For directors with around 10M shares plus more performance shares coming it seems pretty strange to send a negative market signal selling a paltry 40k each at what looks like cheap prices. Any idea why, cover tax bills that come with the performance shares maybe?