I stumbled on this last night from Indian Rare Earth Limited an Indian Government owned company:
A joint venture agreement has been executed with Austpac Resources NL, Australia, subject to approval of the Government of India, for setting up a 10,000 tpa Synthetic Rutile Plant at Orissa using the OSCOM ilmenite. This will be based on the proprietory process developed by Austpac. Consequent on the success of this demonstration plant, IREL is proposing to enter into MOU involving Austpac Resources and Ticor Ltd., Australia for setting up further 100,000 tpa SR plant at Orissa using the OSCOM ilmenite and/or green field project involving mining, mineral separation and value addition to ilmenite.
So possibly the announcement ( that Austpac alludes to in recent announcements) we are waiting for resulting in what many believe will be a multi bagger is with IREL.Austpac has history with this company as this announcement ( which is on their website) dated back in 2001 indicates, so with TI02 prices starting to rise again and the forecast looking bullish for Synthetic rutile, who knows?
It seems someone was very keen to get in before close yesterday and shoot the price up 43% and there is buying already at this level this morning.
Hopefully, today we will hear something, probably just after close.
Cozzie
APG Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
