Zircon accounts for 80% of the revenue is not the case for all, 36% zircon is ridiculously high and only really found in Australia...and the overall tonnage are usually not very big...if you look at Iluka’s resource in Sri Lanka, you are looking at 3% zircon content, and if you look at Sierra Leone reserve, only contains 1.3% rutile content...zircon and rutile are definitely the cream of the crop in mineral sand, But not every project can get high % of zircon, especially overseas...
we only need to compare ours to our neighbors, the Chinese to the north and the Rio project to the south, which have similar (slightly lower) assemblage to ours...and if the Chinese are already mining their project, Rio pushing ahead to mine, I am very confident our projects will be economical if we hit similar or higher percentage of HMS.
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