The debt is held by TiZir against its assets, which are the...

The debt is held by TiZir against its assets, which are the Tyssedal Smelter and the Grand Cote Mine (GCO) - which are valued at about $900m. The value of TiZir, minus the debt is $580m - a massive margin. If TiZir had financial problems they could sell all or part of either asset or have an equity raising. MDL as a corporate entity has no debt, it is not MDL that has to repay the debt.

Very little new capital should be needed to complete the GCO ramp-up and the smelter reline. When this work is complete, 70% of GCO ilmenite will be processed by the Tyssedal smelter which will produce higher value chloride slag compared to the sulphate slag previously produced - a big advantage given the weakness in the titanium feedstock markets. The zircon is of good quality and is attracting solid demand and prices despite the build up of inventory at RIO and ILU.

This project is essentially de-risked. The share register is dominated by institutions and that is why the Bot's are active. Redemptions from resource funds may be behind the endless trickle (by bot's) of shares onto the market.

The new year should see stable production and cash flowing and the share price rise - a reward for patient investors.