The latest presentation on slide 28 clears it up, they wont sell down the mine or do a capital raise. They state "Our expectation is that Stage 2 capital will be funded from cash flow and debt".
Also slide 9 they state "RBM, RTFT, Tronox, Iluka and Lomon Billions will need to bring on or acquire new ilmenite mines to supplement their declining resources". That to me is clearly a nod to them expecting or knowing of a possible offer to come onto the market.
My money is still on a full takeover at some stage as I agree with you Peppie why own 20% when you could have the whole hog its just the price they might be willing to pay abd a share swap with no cash outlay makes major sense IMO.
last chance under $1?, page-58
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