The feedback indicates the impellor issue is being addressed...

The feedback indicates the impellor issue is being addressed with modifications and they are getting much greater life out of the existing impellors, so it is not a signicant issue affecting production and probably overstated at first. Production is being stepped up as planned. The only issue appears is be ilmenite prices which have further weakened and affect everyone. Pig iron prices have held because of the high quality of the Tyssedal product and have not followed iron ore price falls.
MDL seems to have been caught up in the general negative market sentiment so with the capital spend on Grand Cote and 50% of the smelter value minus debt, the replacement / sale value should be over $500m making this very cheap on NTA.
Kenmare Resources the main new competitor, still in merger talks with Iluka Resources has debt of 350m GBP and appear to be in real trouble having to renegotiate debt. MDL has no debt and a market cap of $118m where as Kenmare has a market cap of $300m. The relative valuations don't make sense to me.