Hi Sandboy,I appreciate your comments and knowledge of the...

Hi Sandboy,

I appreciate your comments and knowledge of the industry.

Just a couple of comments on CP and SP commentary.

Whilst I agree with your comments on feed grades for both processes, these grades are for minimum average grade. In the case of CP usual feedstock is Synthetic Rutile (typical 92% Ti) or Rutile (Typical 94% Ti) leaving plenty of room for blending.

I'm really not sure what the company's current approach to the Ti product will be. The company has previously (circa 2015) mentioned compatibility with CP, I believe this was with a company produced concentrate to 90% Ti from the 65% TIVAN output.

More recently the company has been discussing a SP process. Presumably this is the technology the company is looking at for its Pigment plant. An announcement shows a sample of pigment made with this process.

I'm also keen to see Simons Ti knowledge put to full use. He has a career full of hands on experience with Tronox.

Again, I would not rule out any partnership with a pigment producer. If we can build a SP plant to produce Pigment then I'm quite sure that any other producer could also. Im not sure who that would be though with most of the SP production coming out of China these days.

Im sure that we will have some improved clarity on the final Ti product with Project review findings. But with the Speewah acquisition happening whist review is in progress I'm quietly confident that there will be no red flags.