Not hard to work out why pricing is moving up.Besides Iluka's...

Not hard to work out why pricing is moving up.

Besides Iluka's Cataby, there isn't a new Rutile source coming online anywhere in the world. So that bodes well for Kwale, just need to get some extensions to the mine line. There would be a decent chance of a Rutile price at $1,300/t in 12 months. For every $100 increase from now, it's US$7m to Base's bottom line.

Ultimately this market will move to upgrading high grade ilmenite and this is where Toliara will do a Jack Darling.

Pep