I think they are in that phase before a mine becomes operational...

I think they are in that phase before a mine becomes operational that has prices marked down especially due to lack of news. I see they are gettign the mine built effciently. If you've held them for more than a year I would think you wouldn't want to go out now.

Zircon prices are still weak from Iluka's reporting and Macquarie's surveying of tile producers. However TiO2 for pigment seems to have bottomed.

My expectation of the movement of the share would be to move from the current price (whcih is a big run up form the $1.80-$2.00 value say five months ago). To $3-3.50 by March 2014. They should be in the $4.00 range by December next year. How high they get above that will depend on whether the zircon price in uptrend by mid 2015.

All the above is dependent on a smooth start up of the wet plant and ramp up of the dry plant to sales at rated capacity. Commissioning and ramp up means there will be a saw tooth pattern (ups and downs within htose rough guidelines). I take-it the big price moves are due to institutions moving in and out of the stock with low liquidity.

When the plant is up and running it should get into several of the indices so the sharp movements should be tempered.

As I have been in the industry, I see the stock as inherently less volatile than the base metal miners or gold. MDL held up a longer and better than most junior miners who fell 80% in the most recent pull back.

It's my second largest individual holding and I have traded (part) against those who slammed the price down to $1.80 all whit the intent of getting my ave buy in cost down.