@2ic I would be interested to get your industry educated view on...

@2ic I would be interested to get your industry educated view on what you think a realistic guess is for what the current (or soon to be revised) TZMI long term Ilmenite reference price might be. I ask this in light of the sharp upward moves we've been seeing in the short term Ilmenite price (around $400 according to the comment made by Bruce G, compared with $150 back in early 2019).

In 2019, TZMI had a long term Ilmenite reference price of $194, when the ilmenite price at the time was around $170. In the SFX May 2021 investor presentation they referenced a long term price assumption of $200 when the prevailing ilmenite price was around $260.

Now, just 4 months on we hear that the Ilmenite price is around $400. Are these higher prices just a flash in the pan caused by short term factors which will have little bearing on long term prices, or are the current increases based on changing factors which will have a bearing on what the new normal for ilmenite is?

So, after all that, what would your industry educated guess be as to what TZMI's (recent revision) of the long term ilmenite reference price might be?

As far as zircon concentrate prices go, recent guidance from TZMI to SFX for zircon concentrate was $706 CIF (released in announcement relating to binding off-take, early June 2021) which is slightly below the price used in the SFX 2019 BFSU ($723 FOB).

I look forward to your thoughts.