Another flat day at 15.5c. Obviously we have a shareholder who is not happy with progress or has had to sell down their holding. Don't get me wrong, I'm enjoying picking these up at this level and I've added to my bag this morning. Just want to highlight a couple of small pieces from the quarterly and make you think carefully about it, (like I did).
This is a picture of their warehouse taken two months ago (mid Sept). Spherichrome 2 ton bags on the left and 1 ton High Iron Ilmenite bags on the right.
Here we have a plant that is on the cusp of runnning at near capacity and we've got people interested in little sand miners in the back of beyond of OZ, with questionable resources and all looking for JV partners and are years from production?
I just shake my head and it goes back to my point about working a basic strategy of tracking down the low cost miners with high grades, close to production with strong management teams and strong major shareholders. I gave you NST as an example the other day (just look at that today).
Just with this photo.
Think about how much time, money, effort and planning would have been put into to getting this process to this stage - and its just a label? It's fully barcoded, so it can be tracked, showing, date, time and weight (good to see they are working at night!).
(A 2,000lb bag, is metric 907kg which is a "short ton".)
Watch out people, just a sniff of good news and it could go do anything.
...and if it does go to 30c or above, I will be posting my address to send wine to. Address it to my wife, she gets annoyed with me writing to you all.
Pep
IDM Price at posting:
15.4¢ Sentiment: None Disclosure: Held
