As we know the large mineral sands producers have diminishing...

As we know the large mineral sands producers have diminishing reserves, under-utilised equipment and unfilled orders.

IMA has recently announced that they signed MOU's with two unnamed local producers to start mining their resource (there are four maybe six potential candidates).

After reading ILU's recent brokers report (DEC 08) their projected pre-tax profit between 2008 & 2009 multiplies nearly 4 times and then nearly doubles again from 2009 to 2010. ILU were only anticipating to put zircon prices up 30% this year. Considering ILU have diminishing reserves IMO this obviously suggests they need to find extra resources to meet their forecasts?

Furthermore their EPS doesn't fall inline (only up 0.5x for the period 2007-2010) with their expected profits which IMO suggests share dilution/raising capital for potential acquisitions???

IMA's tenement is based next door to ILU???

JB