why is this donkey on the nose, page-14

as i have said numerous times previously, Iluka have shattered the zircon share market although BMX holds up well.

The BMX annual report in February will show how a similar player to AZC in the field is fairing with its margins and hopefully expose exaggerations about exchange rates made by Iluka.

AZC is tremendously undervalued, is so cheap both in its own right and compared to companies like BMX.

AZC has turned into a game of patience.

Cheap stocks always eventually reach their true value.