From the slides, the Putalum Sri Lanka project is advancing toward... a pre-feasibility study.
On the face of it, this large sulfate ilmenite deposit justifies building a plant - up to an SR kiln? Need cheap gas.
The SL govt will want maximum processing, maximum local sales within Sri Lanka. Fair enough - they crave the economic activity. Mining regime legals-tax will be detailed and expensive.
I like a team that builds optionality into its own future. For this business each quarter brings greater reach and moat - geographic, product offering, production volumes, production train, stockpile depletion, capital deepening, quality, exploration.
Look what a big tub of hunny in the form of better commodity prices has done for ILU. More to come...
Ash
ILU Price at posting:
$11.97 Sentiment: Buy Disclosure: Held
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