I think you're referring to the price of TiO2 as pure TiO2, not as synthetic rutile. As high % as APG can make it (96%), you still need to process it further to make white paint out of it. That's why your unit price is price is higher than GC's.
Note that in MT's talk at the AGM, he referred to an expected EBITDA of $4M for 2008/9. At 15 P/E, that's $60M market cap. We're sitting at $61M today!
He estimates over 200% increase in EBITDA for 2009/10 ($13M), then a further 300% for 2010/11($50M).
Note that that talk was pre-Multiserv announcement, so there is a wildcard added
APG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
