I understand your desire for simplicity and purity but don't agree, billy.
The IO royalty kept ILU going a few years back when it was building a giant stockpile of zircon. The pile has now halved and erased the debt taken on to buy SR.
The royalty cashflow allowed ILU to operate strategically. It is a leading player in Zircon, Rutile and syn Rutile, which it upgrades itself from low-value Ilmenite. I don't think it would have achieved this relying solely on mineral sands.
And it was no trouble for the sand mining team to manage the IO royalty - ensure they were paid correctly, negotiate well with BHP etc. You or I couldn't do that.
The royalty is an odd companion to ILU's main business. But it works.
Ash
South Flank imminent, page-3
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