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I wouldn't be negative about the value of ADN once uranium has been spun-off. In my opinion Iluka would consider the mineral sand assets of ADN to be very cheap at $40 million (approximate current market cap of ADN). I believe that the zircon market is currently very strong and that the Eucla Basin mineral sand deposits are well endowed with zircon (such as Tripitaka). Further, look at how close to the Colona JV's boundary Iluka has made its recent mineral sand discovery (Typhoon i think). I think there is a good chance that this deposit will trend into ADN resources colona jv ground.

Look at Image Resources market cap - how do it's mineral sand assets compare to ADN - I know what I would prefer to hold.

Disclaimer; the above post is not to be considered fact or advice in any way whatsoever. It is purely for entertainment purposes.