IMA farmed Cyclone off to DRX in 2010, another struggling sand miner (hence why I did not add DRX to the list, and probably why they have gone from 12c to 2c).
IMA's Gingin properties are their focus and where they are frantically drilling and assaying, currently sitting at 53mt at 6.6% using at 2.5% cut-off (Boonarring, Atlas, Gingin North/South).
They actually had Boonarring handballed to them from the lads at Iluka (from memory for $150k), there was an old management tie-up there. I do think IMA have their issues with the way the structure has formed, but to their credit they have drilled the crap out of it, and they are reasonably close to Iluka and Tronox's plants, so a possible tie-up could happen. (I think a better plan would be to use a mobile wet mill and make a concentrate though).
Don't hold your breath on making a motza from the Dupont deal when Ilmenite is banging around $285t and heading south, they are frantically trying to sign up anyone that even has a hint of a project. Like I've said, if they were serious they need to throw coin at Coburn and now. They have the deepest pockets of anyone.
If Posco can come through, that's brilliant for you guys, I really mean that. I'm not against GUN or what they have, I'm just trying to outline why I think Coburn has/is being overlooked.
I would also love to see Coburn come through for the ex-Iluka guys that got flicked at Eneabba, most are struggling farmers that have had to put everything on hold and head to the local mine to make ends meet (not fly-in/fly outers).
Pep
GUN Price at posting:
5.0¢ Sentiment: None Disclosure: Not Held
