The reality is that anyone who wants to buy Zircon, knows a lot...

The reality is that anyone who wants to buy Zircon, knows a lot about making toilet bowls and tiles and very little about mining.

What a partner wants to do is to secure supply for the future but with as small a risk as possible and using as little capital as possible. A partner wants Gunson experts to manage the mining.

What makes more sense is a takeover by someone who is already mining Zircon but can't supply enough to their existing customers. Takeovers happen when most of the risks are removed.

Imagine if Iluka offered 45cents tomorrow. Most shareholders would jump at it and sell out because 45 cents now is better than a dollar in 4 years. There are no road blocks to a takeover offer.