Ann: Beer & Co. Research Report, page-31

Iluka is restarting the primarily zircon Jacinth-Ambrosia mine in Dec. this year at a cost of ~$7 million because market conditions are improving and they've had a heavy drawdown of their heavy mineral concentrate inventory. They spent ~$400 million to develop this operation. They're also placing their Hamilton mineral separation plant in Victoria on care and maintenance. This re-inforces my observation that Australian processing costs are too high, there's a looming shortage of HM and prices will rise. IMO this all bodes well for DRX. Seems to me that Ilukas' operation is a tad costly as they plan to have 40 employees and 60 contractors on their project. Beers' valuation at this stage is beginning to appear quite conservative.