News: IMA Image Resources NL Secures Sales Agreements For All Current Heavy Mineral Concentrate..., page-20

Bit of a difference in two respects, I think, for Sheffield. Size and offtake/finance still unsettled.

They need something like a $100m equity partner and are a very big project. Plus don't have 50% of their TiO2 prodn contracted. And, as you say, they are two years away from beginning prodn ramp up. And they aren't at the start line for that 2yrs yet.

IMA is needed to pick up the demand side slack in the meantime, dealing in smaller contracts. SFX will be part of delivering into the expected big deficit a bit later. That's all as shown in the Sheffield latest presentation slide 9.
But IMA will be able to extend mine life and potentially finance themselves into bigger output to meet that longer term demand as well. I am pretty confident that the existing project isn't the limit for Image.

Like Iluka, SFX will want the prices to stay fairly solid.

Interested in other thoughts as always.