piece from today's iluka announcement, page-3

Could talk about this one for hours, but in a brief summary I was very surprised that one of the best run companies in Australia has fallen this hard, but hey, the market is pessimistic to say the least.

The sales volume for Zircon was considerably lower than forecast, but Iluka won't be rolling on the price to just get volume up. They know there isn't another mine coming online anytime soon, and if the sand market turns around the price might just go with it.

I do think its a bargain down here, but I also thought that at $10.80. Could it go lower? who knows but some of the shorters will make an absolute killing.

I would love to know right now if Spherichrome has made any impact on Iluka's reduced zircon sales, my gut tells me yes, but I only think it's small at this stage. Remember a boat carrying 10,000t is probably nearing a chinese port as I write. How much of this is replacing Zircon and how much is replacing Chromite, I'm not sure whether we will know, but its definitely positive.

Roll on the quarterly.

Pep