Bondi
Those are good very questions.
I certainly dont know how Eramet would fare of itslef. But I do know a number of companies with operations in Europe have contingency plans.
Without going into details of how I form my opinion on Europe, I don't see all of Europe having a problem more the profilgate ones most notably Spain. A tangential point is that MDL has a residual holding in the TGZ gold mine which would be of some value with extreme currency volatility.
With regard to Zircon like all commodities it is fungible but bounded by transport costs which would be a small portion of the 1600-1800/t it is going to be sold for. There is still a projected shortage of zircon a few years out. And building the Gunson Cockburn plant hwich would be next cab off the rank building still hasn't oficially commenced.
My understanding is that the Zircon produced by MDL will be clean (low incluions or coatings) so in high demand. Sale would be more an issue of price and profitbility.
Conversely when there have been Zircon gluts in the past (that led to this undersupply situation throuhg underinvestment)it came down to price and Iluka is now the high volume player. Similarly I commend you on the foresight to have invested in the co. say five years ago when mineral sands was completely out of fashion.
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