I think it could smashed down to .06c after holders read that announcement and they hear the biggest holder getting out.
I can't see how a change of major shareholder will have anything to do with getting the project up. It's just about the banks.
On a positive note:
There are definitely signs that the sand market is turning. The Zircon price is slightly up, Rutile has come back to near on $1,000t and Ilmenite supply looks weak with Tronox's Fairbreeze deposit closing.
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