Personally I feel the timing has worked against SFX. They were...

Personally I feel the timing has worked against SFX. They were supposed to be the next major project in production, but now are just part of a long list of potential projects, Zulti-South and Coburn included. In terms of an ILU takeover, the later is surely more attractive than SFX given the geographic processing and synergies with ILU's existing operations,so I'm not holding my breathe waiting for their low-ball offer.

The heat has also gone out of the zircon market. ILU has had flat pricing, yet despite this Q1,'19 sales were down ~30% on the same period in '17 & '18. You have to go back to Q1,'15 to find a worse quarter of zircon sales. History shows zircon demand does not grow at high prices, it contracts.

I hope I'm proven wrong, but I'm less optimistic about SFX than I was a year ago.