Just looking at the first table from Eramet... the Z/S/R/L seems to be missing MDL's share of the titanium slag production which is misleading.
At ~230ktpa (100% basis), Mdl's share would match bases' rutile output comfortably.
I like Base a lot, I think they've got some solid runs on the board at Kwale, they just face an interesting few years in terms of financing toliara and getting it up and running before the prices flatten out. It also wouldn't surprise me if BSE got snaffled up once the risk is off the table on toliara.
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Just looking at the first table from Eramet... the Z/S/R/L seems...
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