Oaftar,I do think that they will eventaualy take over the mine,...

Oaftar,
I do think that they will eventaualy take over the mine, but they way they are doing it is the best way. I.e They put in funds to help drilled out the orebodies and raise the probable then proven reserves. This also allows the quality of the ilmnenite an Zircon to be assessed for saleablility and/or run test parcels through thier Tyseendal smelter. All this takes time useful in carefully assessing the polotical developments in Madagascar.

The funding for extra work could be either via rights or direct equity purchase will get them to say 45%. They can then take an oiption to get to 75% foillowed final by vbuyout. At any point along the track they can sit on their stake or lighten.

If you goal is to specualte on it as a takeover target. I wouldn't for the reasons above. The best way is via MDL itself or other players who have contracts etc.

There are plenty of variable quality Heavy Mineral deposits around. thge strength lies in vertical integration. Thats why I like MDL.