Thanks @Peppie,It does appear MRC does see a discount to the...

Thanks @Peppie,

It does appear MRC does see a discount to the spot price, around a 30-50%,







Very basic calculation based on the December QTR 2021,

Garnet and Zircon sales were similar in the September to the December QTR, with no sales of ilmenite.
The revenues grew from US$6.6mil (Sep) to $13.6mi (Dec), due to the ilmenite shipment. ($7 mil difference)
$7mil divided by 38091 tonnes = $183 per tonne

Going off IMA's ilmenite prices from July to December the price was around US$320-350 per tonne, which indicates MRC is seeing around 40-50% discount. A lot depends when the price was agreed and the contract terms.

I have updated my table applying a 40% discount to the ilmenite price, it is very close to the actual sales for 2020 US$48mil vs US$52mil (actual sales) I will update my table again when MRC provides its presentation showing the FYR's.





Based on the forecast production for 2022, the likely revenue is US$64 - 80mil, which is an increase of US$16-22mil over 2021 sales.