Not very. The cost base is so high they need to run at nameplate...

Not very. The cost base is so high they need to run at nameplate and for mineral sands prices to go up 10-20% just to break even.

Without the MSP it is supposed to generate $38m a quarter in revenue and make $18m in profit out of that. With the MSP it's $43m and $21m. For whatever reasons they are stuck at 60% throughput Q1 production with 33kt HMC sales worth $24m is still meant to be cashflow positive.

They've tried hiding behind commissioning costs and short term capex etc. in the announcements but their costs of operating are consistently at least double what they said they would be which is why they bleed money.