I bought into IMA thru September to November 06, up to the limit...

I bought into IMA thru September to November 06, up to the limit set by my rigid investment strategy.

Prior to today, I have been a little wary as the only meaningful numbers have been depths, widths and lengths. Yes, there was one result showing 49% HM. But being a one off, I felt it to be of little significance. IMA also reported HM's under 2% which suggests it to be below an economic cut-off grade. IMA annoucements using words such as "remarkable" and "spectacular" also made me cautious.

Todays announcement changes that, the HM figures reported are truly remarkable.Sofar today's price has risen only a paltry 10%. Even at $5 I would be sitting on my holding.

Regarding the recent article in the Weekend Austalian, I love it when articles such as that ramp up IMA's price. Despite its inaccuracies!

BHP and RIO are unlikely to be interested, both having lost heavily when attempting entry into mineral sands. BHP lost millions in its failed Beenup operation. Western Titanium (via RGC Mineral Sands now part of Iluka) examined that deposit back in the 1970's and decided it was a none-starter. Rio's wholly-owned WIM project failed after millions were wasted on R&D. Iluka and Ticor/Tiwest are not only capable but are the only companies who ARE capable.

The North Perth basin mineral sands are predominantly altered ilmenites (60-64% TiO2). Whilst natural rutile and zircon make necessary and valuable contributions, no operation can be viable unless an economic outlet is available for the altered ilmenites. that is why both Iluka and Tiwest built and operate synthetic plants.Virtually all of Iluka and Tiwest's ilmenite is used as feedstock for their respective SR operations. These SR operations are sophisticated and capital-intensive operations. I estimate the relacement cost of Iluka's Narngulu SR operation at at least $2billion. Also financing would not be a problem for Iluka or Tiwest. There is an extensive history with both of these companies including their predecessors, whereby titanium pigment producers (eg: Du Pont, Kerr McGee, Tioxide) have entered into joint ventures and/or provided bankable sales contacts allowing ventures to proceed.

Iluka has reported its concern that its Eneabba resource is diminishing. As stated in one of my previous posts, the best route for IMA (and Iluka and Tiwest)would be for IMA to produce a HM concentrate for salle under long-term contact to Iluka and Tiwest.

Like I say in the title ......its My View