Ann: Iluka 2018 Half Year Report (4D), page-28

Peppie, I assume you mean Cataby not Eneabba ? In my mind that is already a given since the project is well advanced, is ILU's backyard and will be processed through the existing Narngulu MSP.

The CEO and Executive team have to be looking 5 years ahead given the time required to develop new projects. As things stand now, ILU's zircon production will fall from ~300kt this year to ~160kt by 2020 (meaning sales drop from ~380kt to ~160kt due to the drawndown of stock) even after the JA Concentrator upgrade. Zircon production could fall further to ~120kt by 2023, so the CEO and Executive team are on a burning platform to develop a replacement quickly.

Either they find something, or buy something. History has shown that finding something is extremely difficult (though the Head of Resource Development who is paid $1m pa needs to start delivering). As a result, they have purchased the Murray Basin deposit and Sierra Rutile (and made failed bids for BeMax and Kenmare), so there is a history of spending shareholders money to secure future resources.